Raymond Al Herrera (CRD # 1978708, Registered Representative, Detroit, Michigan) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for three months. The fine must be paid either immediately upon Herrera’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Herrera consented to the described sanctions and to the entry of findings that, while handling a customer’s accounts, he invested the accounts in various securities, which were purchased on margin and the majority of which were low-priced and/or volatile shares of companies with no profits and little or no revenues, resulting in the customer being forced to sell the majority of her shares to satisfy margin calls. The findings stated that the customer lost approximately 60 percent of the funds she invested with Herrera, and Herrera paid the customer $55,000 pursuant to a settlement reached through mediation. The findings also stated that Herrera recommended and effected purchases of speculative securities without having reasonable grounds for believing that the recommendations were suitable for the customer in light of her investment objectives, financial situation and needs. The suspension is in effect from November 16, 2009, through February 15, 2010. (FINRA Case # 2008013358001)

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