Ricardo Rodriguez-Stern, of New York, New York, a stockbroker formerly registered with JP Morgan Securities LLC, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he failed to cooperate with FINRA’s investigation into customer disputes that JP Morgan customers filed against him. Department of Enforcement v. Ricardo Rodriguez-Stern, Disciplinary Proceeding No. 2016048870601 (Oct. 30, 2017).
According to the Complaint, on April 28, 2016, FINRA sent Rodriguez-Stern a letter, according to Rule 8210, which called upon Rodriguez-Stern to provide information and documentation in reference to the customer disputes as well as other judgments and liens entered against him. The Complaint stated that once Rodriguez-Stern furnished the requested information and documentation, he was asked by FINRA to provide recorded testimony in furtherance of the allegations. Rodriguez-Stern apparently testified on December 8, 2016, which raised more questions by FINRA staff regarding his misconduct.
Thereafter, FINRA attempted to procure additional information from Rodriguez-Stern but to no avail. Particularly, the Complaint alleged that on May 24, 2017, and June 9, 2017, he was sent two requests by FINRA, according to Rule 8210, where Rodriguez-Stern responded to FINRA’s letter from May 24, 2017, stating that he would not authorize FINRA to review information about liens placed against him. He apparently never responded to FINRA’s June 9, 2017 request. Consequently, FINRA alleged that Rodriguez-Stern’s conduct was violative of FINRA Rules 2010 and 8210.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on May 25, 2015, a customer initiated investment related written complaint involving Rodriguez-Stern’s conduct was settled for $3,613.36 in damages based upon allegations that between November 10, 2014 and December 17, 2014, during which time Rodriguez-Stern was associated with J.P. Morgan Securities LLC, he made unsuitable mutual funds recommendations to the customer. Then, on January 20, 2016, another customer brought an investment related complaint, seeking $9,264.99 in damages based upon allegations of suitability in reference to the customer’s mutual fund holdings.
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