Felipe Henao Vargas (also known as Felipe Henao and Felipe Henos), of Miami, Florida, a stockbroker formerly registered with Insigneo Securities LLC, has been fined $7,500.00 and suspended for 45 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Henao engaged in unauthorized trading in a customer’s account. Letter of Acceptance, Waiver, and Consent No. 2020068622401 (December 14, 2021).
The regulatory action arose from FINRA’s review of a September 2020 investor dispute. FINRA stated that in February and March 2020, Henao subsequently closed a short position in Barclays Bank SP 500 VIX Short Term Futures ETN in the account of a customer. The securities broker dealer’s procedures prohibited discretionary transactions without written customer authority and prior firm approval. Additionally, Henao used an unapproved communication device to discuss the trades with a family member of the customer.
FINRA found that Henao violated FINRA Rules 2010 and 3260(b) by exercising discretion in a customer’s account without any written authorization from the customer and without any acceptance by the securities broker dealer of the account being used for discretionary purposes.
Public Disclosure also shows that on December 14, 2021, a customer initiated a FINRA securities arbitration claim involving Henao’s conduct was settled for $1,075,000.00 in damages based upon allegations that Henao engaged in unauthorized trading during the time that Henao was associated with Insigneo Securities LLC. FINRA Arbitration No. 20-02966. The customer also complained about the management and performance of their brokerage account.
Henao was associated with Insigneo Securities LLC in Miami, Florida from January 7, 2016, to February 3, 2022.
