Advisor Jesus Rodriguez of El Paso Barred after Allegations of Misappropriating Funds
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred financial advisor Jesus Rodriguez (CRD #4888685) after his member firm Morgan Stanley allegedly allowed him to resign on September 3. FINRA was reportedly investigating after the firm filed a U5 disclosing that Rodriguez had voluntarily resigned a month earlier following allegations regarding his use of client line of credit for his personal benefit. According to FINRA’s findings, Rodriguez reportedly failed to provide information in its investigation, which led to the bar.
After his resignation in September, 5 client complaints were reportedly filed against Rodriguez for allegations of “misappropriated funds” and “unauthorized withdrawals” among others, according to FINRA.
His FINRA BrokerCheck profile indicates he was registered with the following firms during his career in the securities industry:
06/01/2009 – 09/03/2021, MORGAN STANLEY (CRD#:149777), EL PASO, TX
08/05/2008 – 06/01/2009, CITIGROUP GLOBAL MARKETS INC. (CRD#:7059), EL PASO, TX
04/12/2005 – 08/08/2007, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691), EL PASO, TX
Recovery of Investment Losses
The White Law Group is investigating the liability that Rodriguez’s former employer may have for failure to monitor his activities.
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as unauthorized or excessive trading, the brokerage firm they are working with may be liable for investment losses. 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.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you have suffered losses investing with Jesus Rodriguez, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.