FINRA Bars Deborah Herrmann for Allegedly Failing to Cooperate in Investigation
Deborah Herrmann (CRD #: 5204514), a previously registered broker with Transamerica Financial Advisors, has been barred by FINRA, according to her BrokerCheck Record accessed on November 3, 2021. Keep reading for more information.
FINRA Letter of Acceptance, Waiver, and Consent Agreement
On September 30, 2021, Deborah Herrmann entered into an Acceptance, Waiver, and Consent Agreement (AWC) after FINRA alleged Deborah Herrmann refused to provide documents requested by FINRA in violation of FINRA Rules 8210 and 2010.
According to FINRA, the matter originated from its investigation of the Form U5 filed on April 15, 2021, by Transamerica Financial Advisors, which alleged Deborah Herrmann "failed to report and amend a civil litigation matter on the Form U4 in a timely fashion" and "failed to disclose a personal investment to the firm."
On March 9, 2021, FINRA investigated Deborah Herrmann to determine whether she violated FINRA rules given Transamerica's allegations against her. Deborah Herrmann was asked to hand information and documents to the regulator concerning her employer's accusations. On April 2, 2021, Deborah Herrmann reportedly responded to only some of FINRA's requests.
On June 30, 2021, FINRA alleged they contacted Herrmann about the missing information; however, Deborah Herrmann only partially responded. By refusing to produce all the information and documents requested in accordance with FINRA Rule 8210, Deborah Herrmann also violated FINRA Rule 2010.
You can read a copy of the AWC here.
FINRA Rules 8210 and 2010
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to "observe high standards of commercial honor and just and equitable principles of trade."
Deborah Herrmann Employment Termination
On April 15, 2021, Transamerica Financial Advisors fired Deborah Herrmann for allegedly "failing to report and amend a civil litigation matter on the Form U4 in a timely fashion" and "failing to disclose a personal investment to the firm." She also allegedly participated in the sale of a transaction outside of her member firm.
On May 1, 2019, an investor filed a dispute against Deborah Herrmann, alleging she misrepresented promissory notes. The damage amount requested is $130,000.00. The case is still pending,
Deborah Herrmann Background Information
Deborah Herrmann has passed the following exams:
- Series 63 - Uniform Securities Agent State Law Examination
- SIE - Securities Industry Essentials Examination
- Series 6 - Investment Company Products/Variable Contracts Representative Examination
Deborah Herrmann has worked for the following firms:
- Transamerica Financial Advisors (CRD#:16164)
- Farmers Financial Solutions (CRD#:103863)
Kurta Law Can Help
If Deborah Herrmann has victimized you, don't hesitate to get in touch with us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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