Patrick Pierre-Louis Barred by FINRA for Alleged Misuse of Customer’s Funds
Patrick Pierre-Louis (CRD #:5465279), a broker formerly registered with Principal Securities, has been barred by FINRA, according to his BrokerCheck Record accessed on November 23, 2021.
According to an Acceptance, Waiver, and Consent agreement dated November 2, 2021, Patrick Pierre-Louis consented to the findings that from April 2018 through March 2019, while associated with MML Investors, Patrick Pierre-Louis allegedly converted $9,695 from his customer for his own personal use, thereby violating FINRA Rule 2150(a) and FINRA Rule 2010. The findings state that he convinced the investor to transfer $3,000 to his personal bank account by claiming he would invest the funds in a real estate investment that would produce a 15% rate of return. Later, he convinced the investors to make two additional transfers of funds totaling $4,950 and another for $1,745 for the same purported investment.
Patrick Pierre-Louis did not invest any of the customer’s funds, pay her any interest, nor did he repay any of her funds.
You can read a copy of the AWC here.
What is Conversion?
Conversion is an intentional and unauthorized taking of and/or exercise of ownership over property by someone who neither owns the property nor is entitled to possession of it. Conversion of customer funds violates FINRA Rule 2150(a) and Rule 2010.
Section A of FINRA Rule 2150 prohibits brokers and brokerage firms from misusing customers’ funds or securities. Patrick Pierre-Louis also allegedly violated FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business.
As part of the terms of the AWC, Patrick Pierre-Louis consented to a bar from associating with any FINRA member in all capacities.
Employment Termination Details
On April 8, 2021, Patrick Pierre-Louis was discharged from his position at Principal Securities following allegations that he was untruthful during an internal review.
Patrick Pierre-Louis 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
He has worked with the following firms:
- MML Investors Services (CRD#:10409)
- Hornor, Townsend & Kent (CRD#:4031)
Kurta Law Can Help
If you have been victimized by Patrick Pierre-Louis as a broker, don’t hesitate to get in touch with us today at 877-600-0098 or email@example.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.