empty pants pockets

Alex Gerardo Herrera of Coral Gables Florida a stockbroker formerly registered with UBS Financial Services has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that he failed to comply with an arbitration award or otherwise inform FINRA about his compliance.  FINRA Arbitration No. 20-00245  (Aug. 21, 2020).

Sort of like debtor’s prison, or judgment collection with the assistance of FINRA.  Very much unlike the failure to pay a customer intiated arbitration award.

In all fairness, Herrera had already been barred from associating with any FINRA member in any capacity supported by findings of his refusal to inform the regulator about his potential involvement in private securities transactions and outside business activities. Letter of Acceptance Waiver and Consent No. 2018058446601 (Aug. 8, 2018). According to the AWC, Herrera violated FINRA Rules 2010 and 8210 for refusing to comply with FINRA’s requests.

FINRA Public Disclosure confirms that Herrera has been identified in three customer initiated investment related disputes regarding allegations of his wrongdoing during the time that he was registered with securities broker dealers including UBS Financial Services. On May 23, 2018, a customer filed an investment related FINRA securities arbitration claim regarding Herrera’s activities in which the customer requested compensatory damages founded on accusations that the customer’s assets were stolen by Herrera between March of 2018 and April of 2018 so that he could purchase a vacation home.

On October 22, 2018, a different customer filed an investment related FINRA securities arbitration claim involving Herrera’s conduct where the customer sought $7,000,000.00 in damages based upon allegations of Herrera engaging in unauthorized trading of municipal bonds and equities in the customer’s account from 2013 to 2018 when Herrera was associated with UBS Financial Services. FINRA Arbitration No. 18-03652. The claim alleges that Herrera stole their money through outside financial transactions and business activities. According to the claim, the stockbroker made trades on a discretionary basis for his own financial benefit.

On August 19, 2019, a customer initiated investment related complaint concerning Herrera’s activities was resolved for $137,500.00 in damages supported by accusations of an “unapproved fund transfer” i.e. stealing, by Herrera which resulted in damages to the customer.

Herrera was registered with UBS Financial Services between March 8, 2012 and May 4, 2018.

Thankfully, FINRA barred Herrera when did not not pay the arbitration award obtained by UBS for the $702,000 he did not pay back after they fired him for stealing.