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Archie Blood: FINRA Sanctions Fiduciary Financial Advisor
Grand Rapids, Michigan financial advisor Archie Blood (CRD# 1861277) allegedly participated in improper private securities transactions, according to a recent enforcement action. Financial Industry Regulatory Authority and Securities and Exchange Commission records indicate that the former Cambridge Investment Research broker is currently an investment advisor with Fiduciary Financial Advisors.
Mr. Blood’s BrokerCheck report discloses the recent FINRA enforcement action against him, filed in February 2023. According to FINRA’s findings, he “participated in private securities transactions by facilitating the sale of $400,000 of a security to two married couples who were customers of his member firm without providing prior written notice to the firm.” He allegedly introduced the customers to someone connected to the investment, FINRA found, adding further that the “Unit Purchase Agreements for the offering identified the investment interests as unregistered securities.” His alleged participation also included sending a customer the agreements, informing the person associated with the investment that the customers were going to make investments totaling $200,000, and ensuring the wire transfer of the funds.
FINRA states further that in connection with other customers who participated in the investment, Mr. Blood allegedly “provided their information to his contact and provided to his contact a non-disclosure agreement executed by the other customers, which was necessary to complete the investment.” Finding that his conduct in the securities transactions fell outside the scope of his employment at the firm, and further that he “falsely attested to his firm” that he did not participate in the transactions, FINRA issued him a fine of $5,000 and a four-month suspension.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Archie Blood holds 34 years of securities industry experience. Based in Grand Rapids, Michigan, he has been an investment advisor with Fiduciary Financial Advisors since 2021. His past registrations include Cambridge Investment Research (Holland, Michigan; 2011-2021), CFD Investments (Holland, Michigan; 2004-2011), Mutual Service Corporation (Boston, Massachusetts; 1989-2004), and Lowry Financial Services (1988-1989). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. While he is not currently registered as a broker, he is licensed as an investment advisor in Michigan. (Information current as of February 7, 2023.)
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