Violeta Maria Godoy Zuniga, a former Doral, Florida-based registered representative employed by New York, New York-based J.P. Morgan Securities, LLC, submitted a Letter of Acceptance, Waiver and Consent in which she consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that she misappropriated $7,000 from a bank customer for personal use. FINRA’s findings stated that after Ms. Godoy assisted a bank customer in opening a new savings account, the customer instructed Ms. Godoy to withdraw $8,000 from an existing account and deposit the funds in the newly opened account. Further, Ms. Godoy deposited $1,000 and kept the remaining $7,000 for personal use. During the customer’s next visit to the bank, Ms. Godoy allegedly approached and informed him that she had taken the funds from his account but would return the funds to him. Ms. Godoy then supposedly asked the customer not to report the misappropriation to management. J.P. Morgan Securities terminated Ms. Godoy after the customer filed a police report, and the customer was reimbursed. Ms. Godoy was barred from association with any FINRA member in any capacity.
Stockbrokers, registered representatives, and other financial industry personnel have been known to engage in many types of fraud and other practices in violation of industry rules, practices, and procedures. In order to protect customers from employee misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules, and regulations as well as the brokerage firm’s own policies and procedures. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be a liable to account holders for damages flowing from the misconduct. As a result, account holders who have suffered losses stemming from misappropriations by their registered representative or broker can bring forth claims to recover damages against broker-dealers like J.P. Morgan Securities, which should consistently oversee its associated persons in order to prevent the above-described prohibited conduct.
Have you suffered losses in your investment account due to your registered representative or stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and illegal conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over , Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.