Haddon Heights, New Jersey financial advisor George Eggers (CRD# 1228371) recently received an investor complaint alleging his advice resulted in...Read More
Jorge Sonville: $4 Million Complaint Against Sanctioned Miami Advisor
Insigneo Securities financial advisor Jorge Sonville (CRD# 2558540) has been sanctioned over allegations he improperly loaned money to a customer. Financial Industry Regulatory Authority records show that the Miami-based broker and investment advisor has also received an investor complaint alleging seven-figure damages.
According to a Letter of Acceptance, Waiver and Consent (No. 2020068256101) issued in June 2022, Jorge Sonville was associated with Merrill Lynch when, in February 2018, he “loaned $65,000 to a firm customer to assist the customer in paying personal expenses.” His firm’s policies and procedures forbade representatives from making loans to customers at the time, the AWC Letter states, and Mr. Sonville allegedly declined to notify the firm about the loan, and did not receive the firm’s written approval for it. The AWC Letter states further that he completed and submitted a compliance questionnaire that same year “in which he falsely stated that he had not loaned money to any customers.” FINRA found that his conduct violated FINRA rules, including Rule 3240, which prohibits registered persons from lending money to customers except in cases where firm procedures permit such, and in which representatives have sought and received the firm’s written prior approval (unless the firm’s procedures state that they don’t need to). FINRA issued Mr. Sonville a fine of $5,000 and a six-week suspension from associating with any FINRA member firm in any capacity. His suspension will commence on July 5, 2022 and end on August 15, 2022.
Mr. Sonville’s BrokerCheck report discloses one investor complaint. Filed in 2020, the complaint alleges “an unsuitable investment recommendation” and an undisclosed outside business activity involving a real estate transaction. The pending complaint alleges damages of $4,000,000.
In June 2021 Merrill Lynch terminated Mr. Sonville’s registration with the firm. According to a disclosure on his BrokerCheck report, the firm fired him in relation to allegations of conduct that included “participation in a financial arrangement with a client and failure to disclose an outside business activity.”
According to the Financial Industry Regulatory Authority, Jorge Sonville holds 27 years of securities industry experience. Based in Miami, Florida, he has been a broker and investment advisor with Insigneo Securities and Insigneo Advisory Services since 2021. His past registrations include Merrill Lynch in Miami, where he was registered from 1995 until 2021. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Investment Adviser Law Examination, or Series 65; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently licensed in Connecticut, Florida, New York, and Wyoming. (Information current as of June 24, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.