FINRA’s Department of Enforcement initiated an investigation into Rodriguez’s alleged misconduct. Specifically, FINRA investigated whether Rodriguez converted approximately $26,000 in funds from three of his customer’s account(s) and one other individual. FINRA alleged Rodriguez instructed the customers to withdraw sums from their accounts, respectively, and then hand over the funds directly for Rodriguez for various investment purposes. In order to defraud these individuals, Rodriguez persuaded his victims through fraudulent material misrepresentations to give him money, which he then took for his own use.
Based upon the foregoing alleged misconduct, FINRA asserted Rodriguez violated FINRA Rules 2010 and 2150(a), as well as Section 10(b) of the Exchange Act and SEC Rule 10b-5. Specifically, FINRA Rule 2010 provides that a '”member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade.” Here, Rodriguez fraudulently persuaded his victims for provide him with money for investment purposes, but Rodriguez used the funds for his own personal use, thereby violating federal securities laws.
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 suffered investment damages with Rodriguez while PFS Investment employed him, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.