Lina Garcia Named in SEC Complaint, Following Cherry-Picking Allegations
Lina Garcia (CRD #:4447599), a broker formerly registered with Insigneo Securities, is under investigation by the SEC, according to her BrokerCheck Record accessed on January 20, 2022.
Lina Garcia was named in an SEC complaint alleging “cherry-picking.” Cherry-picking is a type of fraud—brokers observe how a stock performs throughout the day, and then allocate the winning trades to their personal accounts or to preferred trades. She allegedly engaged in this fraud along with Ramiro Sugranes, another UCB representative.
Ramiro Sugranes and Lina Garcia allegedly allocated $4 million in profitable trades to accounts held by Ramiro Sugranes’ parents. Meanwhile, 75 non-preferred accounts suffered $5.5 million in first-day losses. Two accounts suffered especially devastating $1 million in first-day losses.
SEC Wells Notice
On September 30, 2021, The Securities and Exchange Commission issued a Wells Notice indicating that it has made a preliminary determination to recommend that the Commission filed an enforcement action against Lina Garcia.
Lina Garcia has passed the following exams:
- Series 65 - Uniform Investment Adviser Law Examination
- Series 66 - Uniform Combined State Law Examination
- SIE - Securities Industry Essentials Examination
- Series 7 - General Securities Representative Examination
- Series 3 - National Commodity Futures Examination
She has also worked with the following firms:
- Global Investor Services (CRD#:29249)
- Colonial Brokerage (CRD#:111668)
- Goldman, Sachs & Co. (CRD#:361)
Kurta Law Can Help
If you have been victimized by Lina Garcia as a broker, don't hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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