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

Events

InvestmentNews celebrates diversity & inclusion in the financial advice business

Highlights of the Excellence in D&I Awards, showcasing the achievements of 26 individuals and firms that are moving the needle when it comes to diversity and inclusion.

Latest news & opinion

Dawn Bennett found guilty of $20 million Ponzi scheme

Jury took less than five hours to convict the former financial adviser and radio host.

10 advisory firm employee benefits you won't believe

Some advisory firms stand out for their creative efforts to keep their troops happy and engaged. Spa retreat, anyone?

Small-cap funds take a beating

For most of the year, the sector had outperformed, but that all changed last week.

Social Security and the fear of missing out

How to lower expectations when clients think they're owed a bigger Social Security benefit.

7 things advisers should do today to boost diversity and inclusion

Creating diversity and inclusion within financial advice firms is challenging, but these InvestmentNews Excellence in Diversity & Inclusion award winners have suggestions that firms can put into practice today

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