The Financial Industry Regulatory Authority announced Tuesday it suspended indefinitely Pinnacle Partners Financial Corp., of San Antonio, Texas, and its president, Brian K. Alfaro, for failing to comply with a FINRA temporary cease and desist order “prohibiting their fraudulent misrepresentations.”The suspension resulted from FINRA’s notice of suspension that alleged that Pinnacle and Alfaro continued to make fraudulent oral and written misrepresentations and omissions in connection with their offer and sale of certain oil and gas joint interests. The temporary order was issued on Jan. 21.

"Brian Alfaro and Pinnacle pose a serious risk to the investing public,” said Brad Bennett, FINRA’s executive vice president and chief of enforcement. “Even after the issuance of a temporary cease and desist consent order, Alfaro and Pinnacle continued to market oil and gas offerings through material misrepresentations, with the intent to deceive investors.”

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