FINRA’s Department of Enforcement investigated Manriquez and found between October 2014 and December 2014, he converted approximately $20,000 from one of his customer’s brokerage accounts. In order to perpetrate this scheme, FINRA alleges Manriquez submitted four outgoing wire transfer requests from the customer’s account, and caused Morgan Stanley to wire the funds from an account owned by the customer to a third-party credit union account owned by Manriquez’s mother. According to FINRA, Manriquez then used the converted funds for his personal use. Of course, the customer neither authorized nor was aware Manriquez syphoned funds from the client’s account to pay for his own personal expenses.
FINRA alleged Manriquez’s misconduct violated several financial industry rules and regulations including FINRA Rule 2010 and 2150(a). FINRA Rule 2010 requires its members to exhibit “high standards of commercial honor and just and equitable principles of trade.” Here, Manriquez improperly used his customer’s funds by converting the funds for his own personal benefit, and therefore, did not exhibit high standards of commercial honor and just and equitable principles of trade
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you have any questions regarding Manriquez’s misconduct, or if you believe that you have been a victim of securities and investment fraud including conversion, please complete our contact form or contact one of our attorneys at (800) 627-2179.