Finra bars former Wells Fargo broker in Florida

Rep allegedly manipulated a client account to maintain his status for working with international clients

Oct 10, 2018 @ 2:08 pm

By Bruce Kelly

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker who allegedly manipulated a client's account to retain his special status at the firm as an international financial adviser, according to the Finra order.

The broker, Wilfred Rodriguez Jr., was with Wells Fargo and predecessor firms for 15 years before Wells fired him on Aug. 1, according to Finra.

On his termination notice, known as a Form U5, Wells Fargo disclosed that Mr. Rodriguez had been fired because, "with the permission of the customer, [he] moved funds between customer's related accounts in order to place authorized bond orders for the purposes of generating qualifying revenue so that [he] could retain his international financial adviser status," according to Finra.

His BrokerCheck report shows Mr. Rodriguez worked in Boca Raton, Fla., for Wells Fargo.

As part of the settlement, Mr. Rodriguez neither admitted to nor denied Finra's findings. His attorney, Joshua Lida, declined to comment.

Finra staff conducted its investigation into allegations that Mr. Rodriguez, among other things, "converted customers' funds and concealed it by falsifying account documents with inflated account values," the Finra order said.

"During the investigation, [he] failed to produce documents and information requested by Finra staff," putting him in violation of industry rules, according to Finra.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Why a #MeToo story about the financial advice industry was important to do

Reporter Greg Iacurci and editorial director Fred Gabriel discuss the survey behind our cover story on sexual harassment in the workplace.

Video Spotlight

We started as a boutique firm with huge ambitions. Schwab was a perfect fit.

Sponsored by Schwab Advisor Services

Recommended Video

Keys to a successful deal

Latest news & opinion

10 millennials making their mark in Washington — and beyond

These next-generation leaders are raising their voices and gaining influence over financial advice regulation and legislation.

Warburg Pincus among private equity managers interested in acquiring Kestra Financial

Sources say Kestra is being valued at between $600 million and $800 million, about eight to 10 times EBITDA.

10 highest paid professions in America today

These are the top-paying jobs in the U.S., according to Glassdoor.

Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

He pleaded guilty to securities fraud in 2017; charged clients excessive commissions.

Rules for claiming Social Security at 70

Some individuals' benefits will begin automatically; others have to take action.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print