SEC Reportedly Bars Transamerica Financial Advisor Pedro Luis Gonzalez-Seijo for Allegedly Stealing from Clients
Are you concerned about your dealings with Pedro Luis Gonzalez-Seijo? If so, the securities attorneys at the White Law Group may be able to help you.
According to an SEC administrative order on July 5, the regulator has reportedly barred former financial advisor Pedro Luis Gonzalez-Seijo from working in the securities industry.
On January 31, 2019, according to the SEC order, Gonzalez-Seijo reportedly pled guilty to one count of bank fraud in the United States District Court for the District of Puerto Rico. On March 25, 2019, the district court reportedly accepted the plea.
According to the indictment, Gonzalez-Seijo, age 66, was reportedly an independent insurance agent in San Juan Puerto Rico, who offered variable annuities, among other products. Between May 2013 and June 2016, Gonzalez-Seijo allegedly converted client funds by depositing funds into his bank account for his own use.
According to the SEC order, Gonzalez-Seijo purportedly deposited funds he received from clients intended for deposit into their insurance accounts, and he also allegedly made unauthorized withdrawals from client accounts. Further, the allegations state that instead of transferring some funds from one account to another as authorized, he purportedly deposited those funds into his own account.
Gonzalez- Seijo allegedly converted a net total of $480,813.15 from five victims, according to the SEC’s order.
According to his FINRA BrokerCheck report, Gonzalez-Seijo was associated with Transamerica Financial Advisors from September 1991 through May 2016 when he was reportedly discharged for the alleged violations.
Securities Fraud Lawsuits
The White Law Group is investigating potential securities claims regarding the liability that his former employers may have for failure to properly supervise Gonzalez-Seijo’s alleged activities.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about your dealings with Pedro Luis Gonzalez-Seijo, the securities fraud attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.