Jaime Hazael Aguilar, of San Diego, California, a stockbroker formerly registered with Morgan Stanley, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member based upon consenting to findings that he entered into unauthorized loan arrangements with the firm’s customers. Letter of Acceptance, Waiver and Consent, No. 2016050297702 (July 6, 2017).
According to the AWC, Aguilar entered into two unauthorized borrowing arrangements with customers from December of 2012 to April of 2013, where he failed to provide information concerning his activities to his firm. Apparently, the borrowing of customer funds was disallowed pursuant to the firm’s policies. FINRA concluded that Aguilar’s conduct was therefore violative of FINRA Rules 2010 and 3240.
Moreover, the AWC stated that the loan arrangements were concealed by Aguilar when completing compliance questionnaires administered by the firm. Particularly, in 2013 and 2014, he indicated that he had never borrowed funds from customers in the prior two years. Consequently, FINRA found that Aguilar’s misstatements were violative of FINRA Rule 2010.
Aguilar’s misconduct served as the basis of his May 10, 2016, termination from Morgan Stanley Smith Barney LLC, in which the firm referenced that Aguilar facilitated undisclosed and unauthorized customer account transactions.
FINRA Public Disclosure reveals that Aguilar has been identified in three customer initiated investment related disputes concerning allegations of his wrongdoing while he was associated with Citigroup Global Markets, Inc. Specifically, on May 6, 2005, a customer initiated investment related written complaint involving Aguilar’s conduct was settled for $17,452.05 in damages based upon allegations that he traded mutual funds in the customer’s account despite lacking the customer’s consent.
Further, on November 8, 2010, a customer initiated investment related arbitration claim involving Aguilar’s conduct was settled to resolve allegations that Aguilar made misrepresentations to the customer concerning securities, and effected unsuitable structured products in the customer’s account. Moreover, on February 28, 2014, a customer filed an investment related arbitration claim involving Aguilar’s conduct, in which customers requested $2,000,000.00 in damages based upon allegations that Aguilar effected a transfer of the customer’s assets despite lacking the customers’ consent, and allocated the customers’ investments in an inappropriate manner via an unsuitable investment strategy.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
