Elvin J. Lopez of New York New York a stockbroker formerly registered with Worden Capital Management LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Lopez failed to confirm with FINRA whether he met his obligation to pay compensatory damages to a customer after being found liable for churning the customer’s account and making unauthorized trades among engaging in other forms of misconduct which caused the customer’s loses.
In particular, Lopez was subject of a customer initiated investment related arbitration claim in which the customer was awarded $31,276.98 in compensatory damages based upon the stockbroker being found liable on the customer’s claims which included that fiduciary duties owed to the customer had been breached; contractual obligations were not complied with; unauthorized trades were executed in the customer’s account; misrepresentations had been made concerning investments; the customer’s account was churned; and trades placed in the customer’s account were in no way suitable or appropriate. FINRA Arbitration No. 15-02268 (Apr. 12, 2017).
FINRA Public Disclosure additionally reveals that Lopez has been discharged from prior securities broker dealer employer, Fordham Financial Management, supported by allegations against Lopez of theft. His registration with Worden Capital Management LLC has been terminated on November 17, 2017. Since February 16, 2006, Lopez has been associated with six different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
