Robert Anthony Carrillo Audit (2023) – A Scam or Legit Broker?

Robert Anthony Carrillo  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Robert Anthony Carrillo.

BrokerComplaints.com is currently investigating allegations related to Robert Anthony Carrillo. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

About Robert Carrillo

Robert Anthony Carrillo is an Investment Adviser. Robert Anthony Carrillo’s Central Registration Depository (CRD) number is 1407538 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/1407538.

Click here to download a Detailed Audit Report for Robert Anthony Carrillo.

Robert Anthony Carrillo has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

Accusations and Disclosures

You can find below, a quick snapshot of Robert Anthony Carrillo’s regulatory actions, arbitrations, and complaints.

DISCLOSURE 1 – 

• Event Date: 3/3/2014
• Disclosure Type: Judgment / Lien
• Disclosure Resolution:
• Disclosure Detail :: Judgment/Lien Amount: $83,332.13
• Judgment/Lien Type: Tax
• Broker Comment: BECAUSE WE (MY CPA & MYSELF) CONTACTED THE IRS ON FEBRUARY 19TH, 2014 FOR THE FIRST TIME IN 2014, AND RELATING TO THE ONGOING LETTERS FROM THE IRS SINCE MAY 2013, EVERY 45 DAYS SINCE, ASKING US (ME) TO PLEASE ALLOW AN ADDITIONAL 45 DAYS FOR US (IRS) TO OBTAIN THE INFORMATION WE NEED TO LET YOU KNOW WHAT ACTION WE’RE TAKING. FURTHER, YOU DON’T HAVE TO TAKE ANY ACTION AT THIS TIME..LETTERS…FEBRUARY 19, 2014 WAS THE FIRST DATE IN WHICH WE WERE INFORMED OF THE JANUARY FILING OF THE TAX LIEN. IN FACT, IT IS MY POSITION, BASED UPON THE FACT PATTERN, THAT FINRA WAS ADVISED OF THIS MATTER (TAX LIEN) EVEN BEFORE EITHER MY CPA OR MYSELF. AS OF APRIL 14, 2014 THERE HAS BEEN NO FURTHER IRS CONTACT, BY TELEPHONE OR BY MAIL. THERE IS NO RESOLUTION AS OF THIS DATE. WE ARE SCHEDULED TO RE-CONTACT THE IRS (PER OUR NEED TO STAY ON TOP OF THIS MATTER DUE TO IRS CONFUSION BETWEEN DEPARTMENTS. AS WE HAVE DISCOVERED)ON OR ABOUT APRIL 21, 2014, AND TO SEEK FURTHER DIRECTION, AND ASCERTAIN THEIR (IRS) PROGRESS RELATING TO THEIR RESEARCH RELATING TO THIS MATTER. FINALLY, AS WE FINANCIAL SERVICES PROFESSIONALS ARE CONSTANTLY REMINDED OF THE PRACTICE OF FAIR DEALINGS WITH THE PUBLIC
• WHICH HAS ALWAYS BEEN MY PRACTICE FOR THE PAST 35 PLUS YEARS, I WOULD EXPECT THE SAME OF ANY SRO, AND FINRA RELATING TO THIS MATTER. IF I AM INCORRECT ABOUT THAT PERCEPTION, PLEASE LET ME KNOW ACCORDINGLY. OVER THE COURSE OF THE PAST SEVERAL WEEKS, SINCE NOTIFIED OF THIS SITUATION, I HAVE PROVIDED MULTIPLE CORRESPONDENCES RELATING TO EXPLANATION APPROPRIATE TO ADDRESSING THIS MATTER. I HAD HOPED THAT THE CONCEPT OF FAIR DEALING WOULD APPLY TO MY SITUATION AS WELL. I REMAIN HOPEFUL THAT THIS ASSUMPTION IS TRUE. RESPECTFULLY, BOB CARRILLO

DISCLOSURE 2 – 

• Event Date: 1/1/1992
• Disclosure Type: Regulatory
• Disclosure Resolution: Final
• Disclosure Detail :: DocketNumberFDA:
• Initiated By: MINNESOTA DEPT OF COMMERCE/INSURANCE DIVISION
• Allegations: THAT A DIRECT MAIL ADVERTISING PIECE WAS LACKING IN DISCLOSURE INFORMATION (NEVER SPECIFICALLY IDENTIFIED BY THE DEPARTMENT) EXCEPT THAT THE TYPE, SIZE OF THE ANNUITY INTEREST RATE WAS TOO LARGE.
• Resolution: Consent
• Sanction Details :: Sanctions: Monetary/Fine
• Sanction Details :: Amount: $750.00 Sanctions: Suspension
• Sanction Details: A FINE OF $750.00 WAS PAID WITHOUT WRONGFUL ADMISSION; ONE WEEK SUSPENSION
• Broker Comment: RESULTS: RATHER THAN CONTINUE TO DISPUTE THE DEPT CLAIM AT AN EXHORBITANT COST, A FINE OF $750.00 WAS PAID WITHOUT WRONGFUL ADMISSION. COMMERCE DET PT AGREED TO CHANGE THEIR DEPARTMENT POLICY FOR FUTURE CLEARING OF ADVERTISING WHEN REQUESTED TO REVIEW SAME PRIOR PUBLICATION AS WE DID. AS A FIRM (MYSELF AND PARTNER) ACCEPTED A ONE WEEK SUSPENSION PROVIDED THAT COMMERCE AGREED THAT THE INCIDENT NOT BE PUBLISHED. SUMMARY: THE DEPARTMENT, ALTHOUGH EMBARRASSED AFTER FINALLY ADMITTING THAT A BETTER DEPARTMENT POLICY RELATING TO ADVERTISING APPROVAL OR DISAPPROVAL WAS NEEDED, NEVERTHELESS SUGGESTED THAT IN OUR CASE, WE COULD APPEAL THROUGH THE ADMINISTRATIVE LAW PROCESS (WHICH WOULD HAVE COST APPROXIMATELY $10,000) OR PAY A NOMINAL FINE AND ACCEPT A ONE WEEK SUSPENSION. WE DID NOT HAVE THE MONEY TO WASTE AND THEREFORE HAD LITTLE CHOICE. WE HAVE NOT ADVERTISED IN THIS WAY SINCE THAT TIME BECAUSE THERE IS STILL NO REAL DEPARTMENT POLICY RELATING TO PRE-ADVERTISING APPROVAL.

DISCLOSURE 3 – 

• Event Date: 9/12/1977
• Disclosure Type: Criminal
• Disclosure Resolution: Final Disposition
• Disclosure Detail :: Criminal Charges :: Charges: CHARGED WITH LARSENY WHICH WAS DISMISSED.
• Charge Type: MISDEMEANOR
• Disposition: LARSENY-DISMISSED
• Broker Comment: THIS INCIDENT RESULTS FROM THE LARSENY CHARGE BACK IN 1967. THE LARSENY CHARGE WAS REMOVED FROM MR. CARRILLO’S RECORD IN 1977.

DISCLOSURE 4 – 

• Event Date: 10/1/1967
• Disclosure Type: Criminal
• Disclosure Resolution: Final Disposition
• Disclosure Detail :: Criminal Charges :: Charges: BREAKING AND ENTRY AND GRAND LARCENY; PLEA OF GUILTY WAS ENTERED
• Charge Type: MISDEMEANOR
• Disposition: RESULTS: ON AUGUST 13, 1969, I WAS GIVEN A TWO YEAR PROBATION AND A $200.00 FINE. CURRENT STATUS: EXPUNGEMENT OF ALL RECORDS (1989)
• Broker Comment: THE ALLEGATION WAS THAT IN OCTOBER 1967 MYSELF AND SEVERAL FRIENDS COMMITTED THE CRIME OF BREAKING AND ENTRY AND GRAND LARCENY. I WAS EIGHTEEN YEARS OLD AT THE TIME, AND HAD ONLY PARTICIPATED THE ONE TIME. MYSELF AND ONE OTHER FRIEND TURNED OURSELVES IN. ON JUNE 19, 1969 A PLEA OF GUILTY WAS ENTERED INTO THE COURTRECORD FOR MY PARTICIPATION IN THIS ONE EVENT.

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

• CLIENT ONE SECURITIES LLC (CRD#: 152974) :: 6/14/2011 – 6/24/2014 :: ST. MICHAEL, MN
• BROKER DEALER FINANCIAL SERVICES CORP. (CRD#: 8073) :: 11/2/2006 – 6/7/2011 :: ST. MICHAEL, MN
• MAIN STREET SECURITIES, LLC (CRD#: 47127) :: 3/30/2005 – 11/6/2006 :: MINNEAPOLIS, MN

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Robert Anthony Carrillo, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

• Outright Theft (Conversion of Funds)
• Unauthorized Trading
• Misrepresentation or Omission of Material Facts
• Excessive Trading (Churning)
• Lack of Diversification
• Unsuitable Investment Recommendations
• Failure to Disclose a Personal Conflict of Interest
• Front Running of Transactions
• Breakpoint Sale Violations
• Negligent Portfolio Management

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

Here are 5 signs that your broker needs to be reported –

• Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
• Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
• Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
• Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
• Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
• Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.

Report Robert Carrillo

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Robert Anthony Carrillo – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

• Name and symbol for the investment product in question.
• The CRD number (1407538) for the broker – Robert Anthony Carrillo
• Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

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