New Jersey Bureau Of Securities Expells Wells Fargo Stockbroker
Ramon Arturo Herrera of Jersey City New Jersey a stockbroker and financial advisor formerly registered with Wells Fargo Clearing Services LLC is the subject of a New Jersey Bureau of Securities Order dated October 18, 2019 in which Herrera’s stockbroker and investment adviser representative registrations in the State of New Jersey have been revoked based on findings of Herrera being expelled by a self-regulatory organization.
Herrera has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that he did not cooperate with the regulator’s request for his information. Case No. 2018057425101 (July 16, 2018).
Herrera was asked for information by FINRA following two customer initiated investment related disputes. His failure to cooperate initially resulted in FINRA suspending him in all capacities on May 7, 2018. The stockbroker was provided with three months from the time he was notified about the suspension to see that it was resolved on the grounds of his cooperation with FINRA’s requests. Herrera’s failure to request termination of the suspension by the July 15, 2018 deadline resulted in him being barred by the regulator.
FINRA Public Disclosure reveals that Herrera has been identified in three customer initiated investment related disputes involving accusations of his actions while employed by Wells Fargo Advisors. On March 16, 2018, a customer initiated investment related complaint regarding Herrera’s activities was resolved for $105,000.00 in damages based upon allegations of unauthorized withdrawals from the customer’s Wells Fargo account. According to the claim, excessive mutual fund trades had been made by the stockbroker between April of 2017 and November of 2017.
Herrera is also referenced in a customer initiated investment related written complaint that settled on June 29, 2018 for $20,179.45 in damages founded on accusations of unauthorized withdrawals having been made from the customer’s account during the time that Herrera was associated with Wells Fargo Advisors. On January 10, 2019, another customer initiated investment related complaint concerning Herrera’s activities was resolved for $90,533.00 in damages supported by allegations of the stockbroker’s transactions being made absent the Wells Fargo customer’s permission.
Herrera was employed by Wells Fargo between April 9, 2012 and January 29, 2018.