FINRA Bars Wells Fargo Broker In Theft Investigation
Wilfred Rodriguez Jr. of Boca Raton Florida a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA’s requests in an investigation into Rodriguez’s purported conversion of customer funds. Letter of Acceptance Waiver and Consent No. 2018059379401 (Oct. 9, 2018).
According to the AWC, FINRA was notified by Wells Fargo on August 1, 2018 that Rodriguez had been terminated by Wells Fargo. Apparently, Wells Fargo claimed in the Form U5 that Rodriguez was discharged because he had structured transactions in the customer’s account, including the placing of bond orders, to produce revenue that would enable him to obtain the status of international financial advisor.
Following Rodriguez’s termination from Wells Fargo, he became subject of a FINRA investigation. FINRA attempted to determine whether Rodriguez stole foreign customers’ funds and falsified their account statements in the process. The AWC stated that in reference to the investigation, information and documentation had been requested from Rodriguez by FINRA on August 20, 2018, under Rule 8210. FINRA apparently sought for the information to be provided by September 19, 2018. The AWC stated that Rodriguez never provided FINRA with the information by the deadline.
Apparently, by September 20, 2018, another request had been sent to Rodriguez from FINRA personnel under Rule 8210. Rodriguez was asked to furnish any information and documentation to the regulator by September 28, 2018 in reference to the allegations of conversion and falsification of documentations. Rodriguez evidently responded to FINRA personnel on September 26, 2018 to confirm that he obtained FINRA’s request; however, the next day Rodriguez’s counsel confirmed with FINRA that Rodriguez would at no point be providing the information and documentation sought by FINRA. FINRA found that Rodriguez’s refusal to provide the information and documentation to the regulator was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that on December 11, 2000, a customer filed an investment related complaint regarding Rodriguez’s activities in which the customer sought $13,000.00 in damages founded on accusations that while Rodriguez was associated with Citicorp Investment Services, the customer was placed in a speculative mutual fund investment that failed to conform to the customer’s needs and tolerance for risk.
Rodriguez has been associated with seven different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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