NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Carlos C. Sarmiento Jr.
OS/2009019888601

Sarmiento converted a total of approximately $82,350 through checks, which he took and forged from a joint brokerage account firm customers held. Sarmiento admitted to one of the customers that he had taken the checks belonging to the customers’ joint brokerage account, admitted to stealing their money, indicated that he would return the money and asked that he not be reported.

Sarmiento’s former member firm contacted his current firm regarding Sarmiento’s conversion of customers’ funds while at the former firm, and when questioned, Sarmiento admitted to having taken the customers’ funds.

Sarmiento failed to respond to FINRA requests for information and documents.

Carlos C. Sarmiento Jr. : Barred; Ordered to pay $82,350, plus interest, in restitution to a member firm.

Tags: Checks