Alfredo Caba of New York New York a stockbroker formerly employed by Wells Fargo Advisors LLC has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Caba lied to Wells Fargo about being terminated for cause from J.P. Morgan Securities, and lied about being subject of customer complaints. Letter of Acceptance Waiver and Consent No. 2015047810201 (Sept. 27, 2017).
According to the AWC, Caba had been terminated by J.P. Morgan Securities on October 16, 2015 because of Caba having received a number of customer complaints in regard to his mutual fund transactions effected in the customer’s account.
Apparently, during Caba’s application for work at Wells Fargo, he was asked about the nature of his departure from his most recent employer. Caba reportedly claimed that he left the firm on his own initiative which was false. Additionally, Caba was reportedly asked by Wells Fargo whether he was subject of any customer complaints concerning his sales practices which were not disclosed on FINRA BrokerCheck. Caba reportedly denied being subject of customer complaints. Yet, Caba was cognizant of a number of customer initiated investment related disputes specifically alleging that Caba engaged in misconduct. FINRA found Caba’s failure to be forthcoming with Wells Fargo as violative of FINRA Rule 2010.
Caba was ultimately discharged by Wells Fargo Advisors LLC based upon accusations that Caba had failed to report his termination from J.P. Morgan Securities.
