Hector Hugo Gutierrez, Jr., of Brownsville, Texas, a stockbroker formerly registered with Wells Fargo Advisors, LLC, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he failed to make an appearance and testify before FINRA staff in reference to accusations that he effected unauthorized transactions in customer accounts. Department of Enforcement v. Hector Hugo Gutierrez, Jr., No. 2016049745502 (Sept. 21, 2017).
According to the Complaint, Gutierrez was fired from Wells Fargo Advisors on April 9, 2016, based upon accusations that he improperly accessed and altered customer account information, and utilized Gutierrez’s manager’s initials to effect a transaction without his manager’s consent. FINRA launched an investigation into the basis of Gutierrez’s firing, where on May 2, 2016, and June 20, 2016, FINRA asked that Gutierrez provide information and documentation in regard to the accusations of misconduct cited by Wells Fargo.
The Complaint stated that Gutierrez failed to timely provide FINRA with the information sought of him on two occasions. Apparently, on August 30, 2016, Gutierrez provided a response to FINRA that failed to address several questions, but he eventually provided it to FINRA personnel just prior to the point in which a suspension would have been imposed against Gutierrez. Notwithstanding, FINRA alleged that Gutierrez failed to timely respond to FINRA as required by FINRA Rules 8210.
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