James Alan Seijas of Short Hills New Jersey a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to cooperate with FINRA when investigated for a lawsuit where he was accused of misrepresenting investments relating to a Ponzi scheme. Letter of Acceptance Waiver and Consent No. 2020066137801 (November 2, 2021).
According to the AWC, FINRA began to investigate Seijas when it learned about his termination as a stockbroker of Wells Fargo. The AWC states that on March 24, 2020, through an amendment to a Form U5 (Uniform Termination Notice for Securities Industry Registration), Wells Fargo made FINRA aware of Seijas being sued for misrepresenting investments that were part of a fraudulent scheme.
On September 29, 2021, Seijas was asked by FINRA to make an appearance and discuss the allegations referenced by Wells Fargo and the lawsuit. Seijas’ lawyer made FINRA aware in an October 2021 phone call that Seijas would not make any appearance or otherwise testify for FINRA. The AWC states that Seijas refused to cooperate with the investigation in violation of FINRA Rules 2010 and 8210. He was barred as a stockbroker for this reason alone.
FINRA Public Disclosure shows that Seijas has been identified in two customer initiated investment related disputes regarding accusations of his harmful actions while employed by Wells Fargo Clearing Services. On March 18, 2020, an investor filed a Florida civil action concerning Seijas’ activities. The investor sought compensatory damages based upon allegations that between August of 2017 and December of 2019, Seijas made misrepresentations to them relating to an investment. Civil Action No. 20-CA-002402. The lawsuit alleges that the customer sustained damages from a Ponzi scheme.
On May 19, 2020, a different customer filed an investment related FINRA securities arbitration claim regarding Seijas’ conduct where they sought compensatory damages founded on accusations of fraud because of Seijas during the time that he was registered with Wells Fargo Clearing Services. FINRA Arbitration No. 20-01587. The claim alleges that the customer was advised by Seijas in January of 2019 to invest in a fraudulent hedge fund.
Seijas was employed by Wells Fargo Clearing Services between November 13, 2013, and March 6, 2019.
