South Florida Broker Barred By FINRA; Accused of Falsifying Documents
Wilfred Rodriguez Jr. (CRD#: 2504369) served as a registered representative of Wells Fargo Clearing Services from July of 2003 to August of 2018. During his time at the firm, Mr. Rodriguez Jr. was based out of a branch office in Boca Raton, Florida.
On August 1st, 2018, Wells Fargo filed a Uniform Termination Notice, indicating that the brokerage firm was discharging Mr. Rodriguez Jr. following allegations of misconduct. Soon after, the Financial Industry Regulatory Authority (FINRA) initiated its own inquiry. In violation of securities industry rules, Mr. Rodriguez Jr. declined to cooperate with the investigation. As a result, he has been barred by FINRA.
In this post, our Miami investment fraud lawyers review the allegations against former Wells Fargo broker Wilfred Rodriguez Jr. For full details regarding this disciplinary action, please refer to FINRA Case No. 2018059379401.
Understanding the Allegations Against Former Wells Fargo Broker Wilfred Rodriguez Jr.
Background
According to the Letter of Acceptance, Waiver, and Consent signed by Mr. Rodriguez Jr., FINRA staff was in the early stages of conducting an investigation into allegations that he converted funds from the account of a Wells Fargo customer and that he attempted to cover up the misconduct by falsifying official documents. In the course of its investigation into these allegations, FINRA requested financial documents, financial records, and other information from this broker. While Mr. Rodriguez Jr. acknowledged that he received the request for information via email, he stated that he will not be complying or providing the information.
Violative Conduct
Under FINRA Rule 8210, registered representatives and other associated persons have an obligation to provide relevant documents, records, and testimony when asked by FINRA. All brokers must cooperate with investigations. This is one of the most important rules in the securities industry. It is crucial that regulators are able to conduct effective investigations. For investors, these investigative efforts help to ensure that misconduct can be uncovered as early as possible by regulators. Not only does this help to stop fraud and negligence, but it also helps to give wronged investors the information that they need to pursue compensation for illegitimate financial losses.
Sanctions
Without admitting to or denying any wrongdoing in relation to this case, former Wells Fargo broker Wilfred Rodriguez Jr. consented to the penalties proposed by the agency. This financial advisor is now barred from associating with any FINRA member firm in any capacity.
Get Help From a Miami FINRA Arbitration Attorney Today
At Carlson & Associates, P.A., our skilled Florida FINRA arbitration lawyers are committed advocates for investors. We handle the full range of investment fraud and broker negligence claims. If you sustained major investment losses due to a financial advisor’s misconduct, our legal team is here to help.
To schedule a fully private initial consultation, please do not hesitate to contact our law firm today. From our office in Miami, we serve investors throughout Southeastern Florida, including in West Palm Beach, Fort Lauderdale, Miami Beach, Homestead, and Jupiter.
Resources:
brokercheck.finra.org/individual/summary/2504369
finra.org/sites/default/files/fda_documents/2018059379401%20Wilfred%20Rodriguez%20Jr.%20CRD%202504369%20AWC%20va.pdf