Stephen J. Hoshimi Allegedly Launched “The Hoshimi Group” Website to Market Services without Providing Prompt Written Notice of this Activity to Crescent
Stephen Hoshimi allegedly launched a website for “The Hoshimi Group” which he purportedly used to market services to registered investment advisers without providing prompt written notice of this activity to Crescent Securities Group, Inc., according to a recent Letter of Acceptance, Waiver, and Consent (AWC) under review by attorney Alan Rosca.
Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating activity related to Stephen Hoshimi’s alleged outside business activities. Investors who believe they may have lost money in activity related to Stephen Hoshimi’s alleged outside business activities are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Hoshimi, specifically, between May and August 2016, allegedly engaged in the aforementioned Outside Business Activity without providing prompt written notice of this activity to Crescent, according to the aforementioned AWC. Said website advertised that Hoshimi was capable of “bringing insurance solutions to insurance professionals”, the AWC notes.
FINRA Rules prohibit any person associated with a member firm from being employed by, or accepting compensation from, any other person as a result of any business activity, other than a passive investment, outside the scope of his relationship with his employer firm, unless the person has provided prompt written notice to the member, the AWC states.
Hoshimi Suspended and Given a Deferred Fine of $5K by FINRA
Hoshimi allegedly did not disclose said outside business activity to Crescent until August 2016, after he was asked to provide an explanation of the OBA during a FINRA examination, according to the aforementioned AWC under review by attorney Alan Rosca.
Hoshimi had previously reported an OBA for his fixed insurance business and had allegedly mistakenly assumed that The Hoshimi Group did not need to be reported as a result, the AWC reports.
Hoshimi, based on the aforementioned behavior, allegedly violated FINRA Rules and therefore has received a $5,000 deferred fine and a three-month suspension from association with any FINRA member firm in all capacities, the AWC states.
One should also note that, according to the AWC, Stephen Hoshimi neither admitted nor denied the FINRA findings.
Securities Lawyer Investigating
The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Stephen Hoshimi’s alleged outside business activities. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they lost money as a result of Stephen Hoshimi’s alleged outside business activities may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at firstname.lastname@example.org, or through the contact form on this webpage.