According to reports, a former Merrill Lynch broker was arrested at a financial planning seminar for allegedly stealing more than $300,000 from elderly clients. Los Angeles County Sheriff’s Department Fraud and Cyber Crimes Bureau arrested 45 year-old Jose Carbajal for Financial Abuse of the Elderly on April 19, 2014.
LA Sheriff’s began their investigation after an elderly client claimed she received a $125,000 tax bill from the IRS. The tax bill was allegedly the result of a large unauthorized money transfer associated with an investment account managed by Carbajal. The investigation reportedly identified additional victims, including a baptist mission. The alleged crimes are reported to have occurred between May 2009 and March 2013.
According to Jose Carbajal’s FINRA BrokerCheck report, he was a registered broker with Merrill Lynch from 10/2009 – 07/2013, and BMA Securities from 10/2013 – 10/2013. Carbajal previously worked for Bank of America from 04/2007 – 10/2009.
FINRA registered brokerage firms have a supervisory responsibility to oversee the activities of all their employees. When a broker takes advantage of their clients’ trusts, their brokerage firm may be liable for negligent supervision and responsible for investment losses.
The foregoing information, which is publicaly available, is being provided by The White Law Group.
The White Law Group is dedicated to the representation of investors in claims against their financial advisor and brokerage firm. If you believe that you have been the victim of Jose Carbajal and would like to discuss your litigation options, please call 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.