New York Stockbroker Fraud Lawyer - Law Offices of Robert Wayne Pearce

Nov 10, 2017

HSBC Securities Broker Permanently Barred by FINRA for Converting Blind Client’s Funds

Jaime Rodriguez, a former registered representative with HSBC Securities (USA) Inc., has been permanently barred by the Financial Industry Regulatory Authority (FINRA) amid findings that he converted funds of his elderly, legally blind customer. According to FINRA, Jaime R. Rodriguez, of Yonkers, New York, converted approximately $200,000 from his elderly, legally blind customer, using the money to purchase two apartments in his own name, unbeknownst to his customer. In the first apartment purchase, FINRA found that Mr. Rodriguez converted approximately $70,000 of his customer’s funds. In the second apartment purchase, Mr. Rodriguez allegedly converted $130,000 of his customer’s funds. In both purchases, the customer had no idea that Mr. Rodriguez was the sole owner of the apartments due to the fact that the elderly customer could not see or read the documents. In the case of the second apartment, FINRA found that Mr. Rodriguez was renting out the apartment and collecting and keeping the rent. Without admitting or denying FINRA’s findings, Mr. Rodriguez was permanently barred from association with any FINRA member in any capacity.

Brokerage Firm Chief Compliance Officer Charged With Fraud and Money Laundering

According to the Securities and Exchange Commission (SEC), William Quigley, a former chief compliance officer at New York-based Trident Partners Ltd., was charged with fraud and money laundering for diverting money from overseas investors to family members in the Philippines. William Michael Quigley, of Seaford New York, faces both criminal and civil charges. The SEC claims that Mr. Quigley convinced foreign investors to invest in well-known U.S companies and start-ups which were on the brink of going public. Instead of investing the customers’ funds, however, Mr. Quigley diverted the funds for his and his brother’s personal use. This scheme was allegedly perpetrated by sending investors fake account statements using a fictitious firm name for more than 10 years.