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Julio Lage Subject of FINRA Fine and Suspension

Oct 15, 2021 AWC

Julio Lage (CRD #: 4698401), a broker formerly registered with BLV Securities, is the subject of a FINRA suspension, according to his BrokerCheck record, accessed on November 17, 2021. This suspension stems from allegations related to undisclosed outside securities accounts.  

FINRA Letter of Acceptance, Waiver, and Consent Agreement 

According to an Acceptance, Waiver, and Consent agreement dated August 27, 2021, Julio Lage consented to the findings that he failed to obtain written consent from BLV Securities to maintain or open outside securities accounts. By failing to acquire written permission from his member firm to keep or open outside securities accounts, Julio Lage allegedly violated FINRA Rules 3210 and 2010. 

Alleged Outside Securities Accounts 

According to FINRA, Julio Lage allegedly had two securities accounts in his name at another member firm. He also opened an additional securities account while registered with BLV Securities without seeking prior written approval. 

FINRA also asked Julio Lage to provide documents and information concerning his outside securities accounts. He reportedly gave information on two accounts but omitted the mention of a third account. Due to this FINRA determined that Julio Lage violated FINRA Rules 2010 and 3210. 

You can read a copy of the AWC here. 

FINRA Rules 3210 and 2010 

According to FINRA Rule 3210, all registered members must declare their outside accounts to their member firm and notify their member firm in writing when they intend to open any new account. 

A violation of FINRA Rule 3210 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.  

FINRA Suspension and Fine 

As part of the terms of the AWC, Julio Lage consented to a six-month suspension and a $5,000 fine.  

Julio Lage’s suspension ends on March 6, 2022. 

Outside Business Activities 

According to his detailed BrokerCheck report, Julio Lage has four outside businesses, including: 

  • CEO of Belvedere Capital Holdings (which is the owner of BLV Securities) 
  • Owner of Belvedere Wealth Advisor 
  • Owner of Belvedere Capital Advisor Corp 
  • Owner of Belvedere International Holdings which is a holding company for  Julio Lage's offshore entity Belvedere Participações Ltda (Brasil) 

Background Information 

Julio Lage has passed the following exams: 

  • Series 66 - Uniform Combined State Law Examination 
  • Series 7 - General Securities Representative Examination 

He has worked with the following firms: 

  • BLV Securities (CRD#:35205) 
  • Morgan Stanley (CRD#:149777) 
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691)  

Kurta Law Can Help 

If you have suffered losses after working with Julio Lage, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors. 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. Reach out today to start the process to recover your investment losses.