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Mitchell Bloom: Former Cetera Advisor Barred by FINRA
A disciplinary action taken by the Financial Industry Regulatory Authority against Westminster, Colorado advisor Mitchell Bloom (CRD# 1682361) barred him over allegations he failed to appear for testimony related to a FINRA investigation into a possible private securities transaction and outside business activity. A former representative of Cetera Advisor Networks who is currently an advisor with Bloom Financial, Bloom was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2017056344701) dated February 2019, Mitchell Bloom was terminated from Cetera Advisors in November 2017 following allegations he violated firm policies by participating in an unapproved private securities transaction and an unapproved outside business activity. Some time later, in January 2019, FINRA sent Bloom a request to appear for on-the-record testimony regarding this termination, pursuant to FINRA rules. Bloom indicated to FINRA through a January 22 email by his counsel that he would not appear for the requested testimony. FINRA’s findings state that this refusal violated FINRA Rules 8210 and 2010. For reference, Rule 8210 states in part that FINRA can require any person under its jurisdiction to “provide information orally, in writing, or electronically and to testify at a location specified by FINRA staff, under oath or affirmation” in connection to matters it is investigating. Another provision states that no “member or person shall fail to provide information or testimony… pursuant to its rule.” As a result of the foregoing alleged conduct, Bloom was barred from association with any FINRA member firm in any capacity.
Mitchell Bloom is not currently registered as a broker. He has been registered as an investment advisor with Bloom Financial in Westminster, Colorado since 2017. His employment history includes Cetera Advisor Networks, QA3 Financial Corporation, Multi-Financial Securities Corporation, FSC Securities Corporation, First Associated Securities Group, Consolidated Investment Services, Schneider Securities, Geldermann Securities, and Marshall Davis. He currently holds no state licenses and has passed four securities industry qualification examinations.