Archie Blood Allegedly Failed to Disclose Private Securities Transactions
Archie Blood (CRD #: 1861277), a broker formerly registered with Cambridge Investment Research, has been suspended by FINRA, according to his BrokerCheck record, accessed on February 27, 2023. Investors may have also worked with him through Fiduciary Financial Advisors. Keep reading if you want to know more about his alleged conduct as a broker.
On February 1, 2023, Archie Blood consented to the entry of findings that he allegedly participated in private securities transactions between June 2020 and January 2021 without providing prior notice to his firm, Cambridge Investment Research.
According to a Letter of Acceptance, Waiver & Consent (AWC), Archie Blood allegedly introduced Customers A and Customers B, two married couples, to an individual associated with a potential investment in Company X in June 2020.
The AWC alleges that Cambridge Investment Research had not approved these investments for sale and that the Unit Purchase Agreements for the offering identified them as unregistered securities.
Archie Blood allegedly participated in these clients’ transactions by sending Customers A the Unit Purchase Agreement, telling his contact at Company X that these clients would invest $200,000, and facilitating the wiring of funds to complete the investment.
He allegedly also provided information from Customers B to his contact, as well as a non-disclosure agreement executed by Customers B.
The two couples ultimately each invested $400,000 in Company X.
Further, Archie Blood allegedly failed to provide written notice to his firm before participating in these transactions and falsely attested to his firm that he had not facilitated, assisted, or advised any private securities transactions.
The AWC concludes that these allegations constitute violations of FINRA Rules 3280 and 2010.
FINRA Rule 3280
FINRA Rule 3280 requires brokers to provide written notice to their firm before engaging in private securities transactions.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Archie Blood consented to the following sanctions:
- $5,000 fine
- 4-month suspension
His suspension began on February 6, 2023, and will end on June 5, 2023.
You can read a copy of the AWC here.
Archie Blood has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 22 – Direct Participation Programs Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
He previously worked for the following firms:
- Cambridge Investment Research (CRD#:39543)
- CFD Investments (CRD#:25427)
- Mutual Service Corporation (CRD#:4806)
- Lowry Financial Services Corporation (CRD#:7291)
Kurta Law Can Help
If you worked with Archie Blood and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.