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FINRA Suspends Former Citigroup Advisor Over Undisclosed Business Activities

Posted on October 16th, 2025 at 12:08 PM
FINRA Suspends Former Citigroup Advisor Over Undisclosed Business Activities

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

The Financial Industry Regulatory Authority (FINRA) has suspended former Citigroup representative Maximiliano Ramirez and fined him $5,000 for engaging in undisclosed outside business activities and investments.

According to FINRA’s Acceptance, Waiver and Consent (“AWC”), Citigroup filed a Form U5, reporting Ramirez’s resignation effective Aug. 31, 2023, while under review for policy violations tied to undisclosed outside business activities and investments.

As reported by ThinkAdvisor, from May 2022 through August 2023, Ramirez held a 50 percent ownership stake in an insurance agency organized as a limited liability company. FINRA alleged that he actively participated in the agency by designing and running its social media advertising program, serving as an agent of record for a portion of its production, and signing the agency’s 2023 tax return as its representative. The agency generated significant revenue during this period, and Ramirez personally received about $60,000 in compensation.

Ramirez did not disclose his involvement with the agency until March 2023, after which Citigroup denied him permission to continue the activity. Despite this denial, FINRA found that he remained engaged in the business until his resignation in August 2023.

FINRA determined Ramirez violated FINRA Rules 3270 and 2010. Without admitting or denying its findings, Ramirez consented to a two-month suspension from associating with any FINRA member in all capacities, in addition to the $5,000 fine.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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