Did David Santos Cause You Investment Losses?
David Santos of Niskayuna, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to FINRA for allegedly falsifying letters that enabled an imposter to fraudulently transfer funds from a client and execute unauthorized sales of stocks. Without admitting or denying the findings, Santos agreed to the FINRA sanctions that he falsified a customer’s name and executed unauthorized trades. After receiving email instructions to transfer funds from an imposter who hacked into a Cetera customer’s (JR) account, David Santos allegedly falsified JR’s name on ten letters of authorization (LOA’s) and JR’s wife’s name on three LOA’s allowing the imposter to fraudulently transfer $160,000 from JR’s individual and joint brokerage accounts. According to FINRA, Santos’ misconduct began when a hacker imposter hacked into JR’s email account and sent Santos emails requesting him to transfer funds to a third party bank account. The bank account was not in the name of JR or his wife. Santos purportedly replied requesting a signed LOA to wire funds to a third party account. The imposter using JR’s email allegedly claimed he was unable to provide the LOA and instructed Santos to process the wire without it. Santos allegedly processed the wire and affixed known signatures of JR and his wife on this occasion and nine additional times. Santos then allegedly executed 12 unauthorized trades in JR’s accounts to fund the transfer requests and mismarked the order tickets for the unauthorized trades as “unsolicited.” The unauthorized sales of stocks and municipal bonds of JR’s individual and joint brokerage accounts were to fund the imposter’s fraudulent wire transfers. Santos did not have authorization to execute these trades. By falsifying his customer’s signatures on 10 LOAs, executing 12 unauthorized trades and mismarking order tickets, Santos violated FINRA Rules 2010 and 4511. As a consequence, Santos was barred from associating with any FINRA member in any capacity.
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Are you a New York investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New York stockbroker or investment advisor, misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn or otherwise mismanage your investment account? Depending upon the terms of your arbitration agreement you will need to have representation from an experienced, highly-rated and nationally recognized FINRA, AAA or JAMS arbitration securities law attorney—an attorney who knows the FINRA, AAA or JAMS rules and procedures inside and out and how to handle these FINRA, AAA or JAMS arbitration cases and other complex legal issues.
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At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of securities law and investment disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout New York, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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