Gustavo Rodrigo III, of Boca Raton, Florida, a stockbroker associated with Westpark Capital Inc., has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he exercised discretion in a customer’s account without written authorization from the customer and without the securities broker dealer having accepted the account as discretionary. Letter of Acceptance, Waiver, and Consent No. 2021070498101 (September 13, 2023).
FINRA stated that between January 1, 2019, and December 31, 2020, Rodrigo carried out 98 trades in a customer’s brokerage account without consulting the customer on the day of the transactions. He violated FINRA Rules 2010 and 3260(b) as well as NASD Rule 2510(b).
FINRA Public Disclosure also shows that Rodrigo was also referenced in a customer initiated investment related complaint filed on June 7, 2005, in which the customer requested $7,000.00 in damages based upon allegations that Rodrigo charged excessive commissions in connection with the sale of over-the-counter equities during the time that Rodrigo was associated with GunnAllen Financial Inc. The complaint was subsequently denied by the firm.
On November 25, 2008, another customer filed an investment related complaint involving Rodrigo’s conduct in which the customer requested $100,000.00 in damages based upon allegations that Rodrigo misrepresented securities transactions and engaged in unauthorized trading in equities when Rodrigo was associated with Investors Capital Corporation. The complaint was ultimately denied by the firm.
Rodrigo was associated with Westpark Capital Inc. in Boca Raton, Florida, from November 7, 2014, to January 25, 2021. He has been associated with Sutter Securities Incorporated in Boca Raton, Florida, since January 17, 2021, and with Boustead Securities LLC since January 15, 2021.