Former UBS financial advisor, Alex Gerardo Herrera (Herrera), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Herrera’s alleged unsuitable investment recommendations to his GWN clients. As a consequence of Herrera’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Herrera (FINRA CRD No. 3204779) entered the financial industry in 1999 as a general securities representative. From 2006 to 2012, Herrera worked for HSBC Securities, Inc. During the relevant time period, and from 2012 to 2018, Herrera worked for UBS Financial Services Inc. (“UBS”). Herrera is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into Herrera’s alleged misconduct. FINRA specifically investigated whether Herrera engaged in unreported outside business activities and private securities transactions in violation of FINRA rules. FINRA sent Herrera two requests to provide documents and information pursuant to FINRA Rule 8210. According to FINRA, Herrera failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted Herrera violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Herrera failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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