Carlos Velazquez, of Elgin, Illinois, a stockbroker associated with Waddell & Reed, has been terminated from employment on December 1, 2016, based upon allegations that Velazquez admitted to falsifying statements to the firm’s personnel concerning the purpose of an outside business activity which Velazquez was involved in.
Who knows what this means, as it could concern the sale of unauthorized investments or selling away.
However, most broker-dealers when terminating their employees for bad conduct sanitize the information they publish to regulators and accordingly on public disclosure to insulate themselves from liability. Here, Velazquez has no customer claims, but only time will tell why he was really terminated.
Guiliano Law Group
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