Jose Ramon Gonzalez, of Chicago, Illinois, a stockbroker formerly registered with American Trust Investment 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 did not participate in a FINRA investigation into allegations of excessive trades having been effected in customer accounts by him. Letter of Acceptance, Waiver and Consent, No. 2016050670101 (Apr. 26, 2017).
According to the AWC, FINRA launched an investigation in July of 2016, seeking information from Gonzalez pertaining to the alleged excessive trading in the investment accounts of three of the firm’s customers. Apparently, on December 16, 2016, a letter was sent by FINRA staff to Gonzalez asking for information in this regard. The AWC stated that Gonzalez provided FINRA with a response which indicated that he was forced out of his position with the company and did not intend to associate with another FINRA member firm at any point.
FINRA staff reportedly contacted Gonzalez after he failed to respond to FINRA’s request for information. Then, on February 6, 2017, Gonzalez informed FINRA staff that he would no longer cooperate in FINRA’s investigation into his trading activities. Gonzalez’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 8210.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Gonzalez has been named in seven customer initiated investment related disputes pertaining to allegations of his misconduct while he was associated with Principal Financial Securities, Everen Securities, Inc., Raymond James & Associates, Inc., and National Securities Corp. Specifically, on April 15, 2003, a customer initiated investment related arbitration claim involving Gonzalez’s conduct was settled for $334,717.05 in damages based upon allegations that Gonzalez breached his fiduciary duties to the customer, and effected equity transactions in the customer’s account which were neither authorized nor suitable.
Moreover, on March 25, 2013, another customer initiated investment related arbitration claim regarding Gonzalez’s activities was resolved for $20,000.00 in damages based upon allegations that he placed options and real estate investment trust trades in the customer’s account on an excessive basis. Subsequently, on May 16, 2014, a customer filed an investment related written complaint regarding Gonzalez’s conduct, where the customer requested $130,271.99 in damages based upon allegations that Gonzalez misappropriated the customer’s funds.
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