Jaime R. Rodriguez, of Bronx, New York, a stockbroker formerly registered with HSBC Securities (USA) Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he stole $200,000.00 from a blind and elderly investor. Letter of Acceptance, Waiver and Consent, No. 2016051772601 (Aug. 28, 2017).
According to the AWC, in 2012, during the time Rodriguez was the relationship manager for KF, an elderly and blind individual, he arranged for the purchase of KF’s apartment utilizing $72,000.00 of KF’s funds. Yet, the purchase was consummated with Rodriguez as the sole legal owner of the apartment; KF was not apprised of the transaction nor able to review documents pertaining to the transaction given the customer’s level of disability. FINRA found that Rodriguez converted the customer’s funds in that regard; conduct violative of FINRA Rule 2010.
The AWC further stated that in December of 2012, a bank account was opened and funded by KF after Rodriguez pledged to assist the customer with bill paying obligations; however, Rodriguez was instructed not to utilize KF’s funds unless granted permission by the customer. Rodriguez then recommended that another apartment be purchased with KF’s funds; this time involving the use of $130,000.00 from the customer’s bank account. Yet again, the apartment was held in Rodriguez’s name without KF’s knowledge, where KF’s disability caused him to be unable to review documentation. Moreover, the customer did not even reside in the apartment. Rather, Rodriguez purportedly obtained and kept funds generated through renting the space; conduct FINRA found to constitute conversion in violation of FINRA Rule 2010.
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