Alex Gerardo Herrera of Coral Gables Florida a stockbroker formerly employed by UBS Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into accusations of his involvement in private securities transactions and outside business activities. Letter of Acceptance Waiver and Consent No. 2018058446601 (Aug 8, 2018).
According to the AWC, UBS notified FINRA on April 16, 2018 that Herrera had resigned from the firm during a time that he was investigated by it for having advised management about his engagement in real estate and financial relationships with customers of the firm despite lacking the firm’s approval.
Following up in that regard, FINRA launched an investigation into Herrera’s potential activities of selling away from the firm and engaging in outside business activities. The AWC stated that on May 17, 2018, as part of the investigation, Herrera was sent a request from FINRA calling upon him to provide information. Herrera’s counsel evidently informed FINRA on May 31, 2018, that Herrera opted not to provide a response to FINRA’s request.
The AWC stated that FINRA staff sent another request to Herrera’s counsel on June 6, 2018, seeking the information from Herrera in reference to FINRA’s investigation, according to Rule 8210. FINRA reportedly advised counsel that a response was due by June 13, 2018. The AWC stated that counsel for Herrera contacted FINRA on June 6, 2018 as well as July 6, 2018 to report that Herrera would in no way be responding to FINRA.
FINRA found that Herrera’s refusal to cooperate with FINRA in the investigation was conduct violative of FINRA Rules 2010 and 8210. Consequently, Herrera was barred by FINRA in all capacities.
FINRA Public Disclosure confirms that on May 23, 2018, a customer filed an investment related complaint involving Herrera’s conduct in which the customer requested unspecified damages founded on allegations that between March and April of 2018, while Herrera was associated with UBS Financial Services, Inc., Herrera stole the customer’s funds, purchasing a vacation home with the customer’s money.
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