May 16, 2013 Comments (0) Blog, Securities Fraud

Former Wells Fargo Broker Barred for allegedly cancelling and rebilling transactions.

(Last Updated On: July 17, 2015)

FINRA recently announced that Adrienne Marie Llamas, a former financial advisor with Wells Fargo in Long Beach, California, has been barred from the association with any FINRA member in any capacity.

Without admitting or denying the findings, Llamas consented to the described sanction and to the entry of findings that following a registered representative’s instructions, Llamas cancelled and rebilled numerous transactions between customer accounts and accounts that the representative owned or controlled. Cancelling and rebilling profitable trades between accounts is a fraudulent practice known as cherry-picking. Llamas exclusively processed approximately 90 fraudulent cancel-rebills. The rebills allegedly transferred approximately $4,127,669.56 in securities transactions from customer accounts to accounts the representative controlled.

Llamas’ FINRA Broker Report also reveals that she was terminated by Wells Fargo in November 2011 for “issues relating to moving cancel and rebill transactions in a customer account to a financial advisor account without proper documentation.”

The White Law Group is investigating the liability that Llamas’ employers may have for his alleged conduct.  To the extent that her employers failed to properly supervise Llamas contributing to clients’ losses, the employers may be held liable for damages in a FINRA arbitration claim.

If you suffered losses investing with Llamas and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on the firm, visit