Mitchell L. Bloom, Colorado Broker-Advisor, Barred From Securities Industry by FINRA
Colorado Stockbroker and Financial Advisor Mitchell L. Bloom (CRD# 1682361) has been barred by FINRA after refusing to comply with a regulatory investigation over allegations that he violated his brokerage firm’s policies and was a participant in a private securities transaction related to an outside business activity.
Bloom has been in the securities industry in 1987, and has been a registered broker in Colorado since 1996.
He was most recently employed by Cetera Advisor Networks LLC in Westminster, CO from February 2011 to November 2017, and was previously registered with QA3 Financial Corp. in Broomfield (2009-2011).
FINRA Disciplinary Action
In November 2017, Cetera filed a termination notice for Bloom stating that he violated firm policies relating to his participation in private securities transactions and engaging in outside business activities without the firm’s approval. According to FINRA, Bloom was permanently barred after he refused to appear to give testimony to the regulators after receiving their request.
In the securities industry, brokers are prohibited from providing loans or selling notes and investments outside of the brokerage firm with which they are registered. These private transactions – known as “selling away” – involve investments which are not pre-approved by brokerage firms, commonly allow brokers to profit from increased commissions, and often put investors at risk. Firms can still be held liable for financial losses clients suffer as a result of failing to supervise and implement proper procedures for advisor monitoring.
If you or someone you know have suffered financial losses investing with Mitchell L. Bloom or any Broker-Advisor engaged in private securities transactions, our team of national investment loss attorneys at Meyer Wilson is available to discuss your rights and options. Call (888) 390-6491 or contact us online to speak with a lawyer.