Juan Carlos Montanez-Gonzalez (CRD # 1994470, Registered Representative, San Antonio, Puerto Rico) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Montanez-Gonzalez consented to the described sanction and to the entry of findings that he borrowed $335,000 from firm customers, in contravention of his firm’s written procedures, and then used the money to pay back another customer and to cover losses in other customers’ accounts. The findings stated that Montanez-Gonzalez made material misrepresentations to customers concerning the features and guarantees of variable annuities, and misrepresented that the variable annuities had no surrender charges and that the interest and principal were guaranteed. The findings also stated that Montanez-Gonzalez failed to respond to FINRA requests for information.

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