Erez Law is investigating claims regarding Ann Maria Ferrao (CRD #4481123, Miami, Florida). Ferrao recently entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) in which she was barred from association with any FINRA member in any capacity. See FINRA Case #2014040438401. Ferrao was registered with HSBC Securities (USA), Inc., from July 2005 until March 2014.
FINRA found that Ferrao consented to the sanction and to the entry of findings that she refused to appear and provide FINRA-requested testimony during the course of an investigation into allegations that she misappropriated funds from clients’ bank accounts for the benefit of other clients and for her personal benefit. The findings stated that Ferrao informed FINRA through counsel that she would not appear to testify. In entering into the AWC, Ferrao neither admitted nor denied FINRA’s findings.
According to Ferrao’s CRD, she worked at HSBC’s bank affiliate, HSBC Bank USA, N.A., who terminated her employment on February 20, 2014, following its investigation of a customer report regarding funds received from Ferrao to repay an apparent shortage in his bank account. HSBC’s investigation revealed that Ferrao was withdrawing funds from client account for the benefit of other clients, and that Ferrao also misappropriated funds for her own benefit.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, HSBC may be liable for investment or other losses suffered by Ferrao’s customers.
If you were a client of Ferrao or HSBC and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”
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