Rene Bolivar Barred by FINRA Following Alleged Refusal to Provide Testimony

Rene Bolivar (CRD #: 3275996), a broker formerly registered with First Allied Securities, has been barred by FINRA, according to his BrokerCheck record, accessed on May 17, 2023. Read on if you want to know more about his alleged conduct as a broker.

Bar by FINRA

On April 12, 2023, Rene Bolivar consented to the entry of findings that he allegedly refused to provide documents and information and failed to appear for on-the-record testimony requested in relation to a FINRA investigation into a Uniform Termination Notice of Securities Industry Registration (Form U5) filed by First Allied Securities.

A Letter of Acceptance, Waiver & Consent (AWC) alleges that this Form U5 disclosed a civil lawsuit filed against Rene Bolivar and the firm by the relative of a former client.

FINRA allegedly began an investigation on January 19, 2023. Following several requests for information, documents, and testimony, Rene Bolivar allegedly informed FINRA of his refusal to comply in March 2023.

The AWC concludes that these allegations constitute violations of FINRA Rules 8210 and 2010.

FINRA Rule 8210

FINRA Rule 8210 requires members to supply records, information, and testimony upon request by FINRA.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Rene Bolivar was permanently barred by FINRA on April 12, 2023.

You can read the full AWC here.

Investor Dispute

On December 13, 2021, a successor trustee alleged that Rene Bolivar was improperly named a beneficiary of the deceased client’s trust. This dispute is currently pending.

FINRA Rule 3241

FINRA Rule 3241 requires brokers to decline being named a beneficiary or executor of a client’s estate, named as a client’s trustee, or to hold power of attorney over a client unless the situation meets certain conditions.

Background Information

Rene Bolivar has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• Series 99TO – Operations Professional Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• First Allied Securities (CRD#:32444)
• Linsco/Private Ledger Corporation (CRD#:6413)
• Prudential Securities (CRD#:7471)

Kurta Law Can Help

If you worked with Rene Bolivar and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.