According to an InvestmentNews report, Miguel Angel Hernandez has been barred from the brokerage industry after allegedly lying to obtain $25,000 in cash from an elderly woman he met at church.

According to a FINRA, while a registered broker at Thrivent Investment Management Inc., Mr. Hernandez told the customer that he needed the funds to cover expenses tied to his tax business.  However, he allegedly did not have a tax business and used her money for his personal expenses, the brokerage industry’s self-regulatory organization charged.

Mr. Hernandez reportedly promised the elderly woman a 2% stake in his purported tax business after the fifth year of its existence, plus quarterly payments of $1,081.56 for at least three years and for as many as 10, the notice shows. He purportedly obtained the $25,000 in 2010 and repaid the woman in full in June 2015 after his misconduct was discovered.

According to FINRA’s BrokerCheck, Mr. Hernandez was registered with Thrivent from May 2004 until he was discharged in May 2015.

The foregoing information, which is all publicly available, is being provided by The White Law Group.  The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For information on the firm and its representation of investors, visit http://whitesecuritieslaw.com.

For a free consultation with a securities attorney, please call 888-637-5510.