Gerardo Ivan Castillo, of Miami, Florida, a former stockbroker and investment adviser representative of Wells Fargo Clearing Services LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $125,000.00 in damages based on accusations that Castillo made misrepresentations to the customer regarding their account at Wells Fargo Clearing Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03607 (November 30, 2020). The claim alleges that Castillo excessively traded investments, including unit investment trusts, in the customer’s account to make commissions.
FINRA Public Disclosure shows that a different customer filed an investment related complaint regarding Castillo’s conduct where they requested compensatory damages founded on allegations of omissions by Castillo at Citigroup Global Markets Inc. regarding the risks of the customer’s investment in a variable annuity.
Castillo’s stockbroker and investment adviser representative registrations at Wells Fargo Clearing Services were terminated on July 6, 2018. He has been associated with Insigneo Securities as a stockbroker since June 29, 2018, and has been registered with Insigneo Advisory Services as an investment adviser representative since July 31, 2018.
