Wells Fargo Stockbroker Accused of Misappropriating $3.6 Million

Wilfred Rodriguez Jr. of Boca Raton Florida a stockbroker formerly associated with Wells Fargo Advisors has been referenced in a customer initiated investment related written complaint on December 14, 2019 in which the customer requested $3,600,000.00 in damages supported by allegations of misappropriation and unauthorized transactions during the period in which Rodriguez was employed by Wells Fargo.

According to the complaint, the customer’s account was subject to unauthorized withdrawals by Rodriguez between July 18, 2002 and August 1, 2018. The complaint also alleges that the customer’s account documentation was forged by Rodriguez and that the customer’s financial statements were falsified so that the stockbroker could hide his misconduct.

This is not the first time that Rodriguez has been accused of wrongdoing by an investor. FINRA Public Disclosure reveals that Rodriguez is the subject of another customer initiated investment related written complaint in which the customer requested $13,000.00 in damages based upon allegations of an unsuitable mutual fund being held in the customer’s Citicorp Investment Services account by Rodriguez.

FINRA Public Disclosure also confirms that Rodriguez has been barred from associating with any FINRA member in any capacity based on findings that Rodriguez obstructed a FINRA investigation into accusations of his conversion of a customer’s funds and his falsification of documentation. Letter of Acceptance Waiver and Consent No. 2018059379401 (Oct. 9, 2018).

According to the AWC, FINRA was notified from Wells Fargo that a customer’s funds had been moved by Rodriguez between accounts without the customer’s authorization. The securities broker dealer relayed that fund transfers were initiated by Rodriguez to effect bond purchases among other things. FINRA requested that Rodriguez provide recorded testimony in response to the allegations made by Wells Fargo. FINRA stated that on September 26, 2018, its staff received an e-mail from Rodriguez in which Rodriguez acknowledged receiving FINRA’s requests. But the next day his legal counsel informed FINRA that the stockbroker would not honor those requests. Rodriguez’s conduct was violative of FINRA Rules 2010 and 8210.

Rodriguez’s employment with Wells Fargo was terminated on August 1, 2018.