FINRA barred Miguel Hernandez from the securities industry after he allegedly lied to an elderly woman he met in church to acquire $25,000 in cash. While registered with Thrivent Investment Management Inc., the former broker told the client he needed the money to pay for expenses related to his tax business, according to a settlement notice accepted by FINRA. Hernandez, in fact, did not have a tax business and instead used the customer’s money for personal expenses, said FINRA.Hernandez promised the elderly client a 2% stake in his nonexistent tax business after the fifth year of its existence in addition to quarterly payments of $1,081.56 for at least three years and for as many as ten, according to the notice. The former broker acquired the $25,000 in 2010 and repaid the woman in full in June 2015 after his wrongdoing was uncovered. According to FINRA’s BrokerCheck, Hernandez was registered with Thrivent from May 2004 until he was discharged in May 2015. He neither admitted nor denied the allegations in the notice accepted by FINRA. If you or someone you know has lost money as a result of a broker’s wrongdoing, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.