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Former Wells Fargo Financial Advisor James Seijas Barred by FINRA After Allegations He Refused to Participate in Investigation Into Allegations of Misrepresentation Leading to Investment Loss

James Seijas (CRD#: 2392901) is a previously registered Broker and previously registered Investment Advisor.

 

Broker’s Background

 

He entered the securities industry in 1997 and previously worked for Wells Fargo Clearing Services, LLC; TD Ameritrade, Inc.; Fidelity Brokerage Services, LLC; Barclays Capital, Inc.; Banc of America Specialist, Inc.; Fleet Securities, Inc.; and Quick & Reilly, Inc.

 

Current And Past Allegations Of Conduct Leading To Investment Loss

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in November 2021, FINRA sanctioned James Seijas, barring him from all capacities indefinitely beginning November 2, 2021. The FINRA sanction states, “Without admitting or denying the findings, Seijas consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation concerning the Form U5 amendment filed by his former member firm. The findings stated that the firm filed the amendment to Seijas’ Form U5 disclosing for the first time that he had been named as a defendant in a lawsuit alleging that he had misrepresented investments as part of a Ponzi scheme.”

 

For a copy of the FINRA sanction, click here.

 

In addition, James Seijas has been the subject of 2 customer complaints, including 2 that remain pending, including the following:

 

  • May 2020–”Claimant alleges that in or about January 2019, FA recommended investments in a fraudulent hedge fund.” The customer dispute is pending.
  • March 2020–”Plaintiff alleges that from August 2017 to December 2019, FA misrepresented investments as part of a Ponzi scheme.” The customer dispute is pending.

 

For a copy of James Seijas’s FINRA BrokerCheck, click here.

 

We Help Investors Recover Investment Losses

 

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

 

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

 

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

 

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

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