Adrian Torres Ortega of Sun City West Arizona a stockbroker formerly employed by BBVA Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Ortega failed to cooperate with a FINRA investigation into accusations of his unauthorized transfer of a customer’s investment funds. Letter of Acceptance Waiver and Consent No. 20180599362-01 (Apr. 1, 2019).
According to the AWC, BBVA Securities Inc. notified FINRA via a Uniform Termination Notice for Securities Industry Registration filing that it discharged Ortega from the firm based upon allegations that he debited a banking affiliate’s customer account when the customer neither knew nor consented to the transaction. The firm found Ortega’s conduct violative of the Code of Conduct imposed by the firm’s affiliate.
The AWC stated that an investigation into Ortega’s activities had been commenced by FINRA shortly thereafter. Specifically, on December 4, 2018, a request had been sent to Ortega by FINRA personnel which required the production of Ortega’s information and documentation under Rule 8210. Supposedly, Ortega was required to cooperate with FINRA by producing the information by a December 18, 2018 deadline.
The AWC stated that on December 11, 2018, Ortega corresponded with FINRA personnel to convey that he understood the nature of FINRA’s request but would not at any point be handing over the information and documentation. FINRA found Ortega’s refusal to cooperate in the investigation as violative of FINRA Rules 2010 and 8210. As a result, Ortega was barred by FINRA in all capacities.
