Vintage bond certificate

Wilfredo Felix Jr. of New York New York the Chief Executive Officer and Chief Financial Officer at Primex Prime Electronic Execution Inc. (Primex) has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to comply with FINRA while investigated regarding the securities broker dealer’s financial information. Department of Enforcement v. Wilfredo Felix Disciplinary Proceeding No. 2020065128501 (Apr. 27, 2021).

The regulator’s investigation related to records and books at Primex including a general ledger and annual audit. When Primex was under a FINRA examination, Felix was required to produce documents. His failure led to a FINRA Complaint being filed against him. According to the Decision, Felix did not respond to the Complaint.

This is not the first time that Felix has been sanctioned. He was barred by FINRA from associating with any FINRA member in any capacity according to a National Adjudicatory Council Decision containing findings of his failure to comply with an investigation and for falsifying information relating to expenses. Department of Enforcement v. Wilfredo Felix Disciplinary Proceeding No. 2018058286901 (May 26, 2021).

FINRA Public Disclosure shows that Felix has been identified in three customer initiated investment related disputes concerning allegations of his harmful actions while employed by Primex. Felix was named in a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $17,130.00 in compensatory damages founded on an Arbitration Panel finding Felix liable on the customer’s causes of action. The Statement of Claim alleges negligence and breach of fiduciary resulting in losses to the customer. The claim also alleges breach of contract and that the stockbroker had executed unsuitable and fraudulent transactions in the customer’s account.

Another customer who brought an investment related FINRA securities arbitration claim was awarded $72,895.56 in compensatory damages supported by Felix being found liable for losses relating to the customer’s investments in ZYNGA Inc., Skywork Solutions Inc. and other securities. FINRA Arbitration No. 17-02774 (Feb. 20, 2019). The Statement of Claim contains accusations of churning and unsuitable trading of the customer’s account. According to the claim, Primex failed to supervise.

Felix is also referenced in a customer initiated investment related written complaint on November 19, 2018 where the customer requested compensatory damages based upon allegations that they experienced poor performance on UpReit real estate security purchases.

Felix was associated with Primex between August 27, 2001 and May 27, 2020. He has been associated with three different securities broker dealers which have been expelled by regulators for violation of federal securities laws or are otherwise defunct.