New Jersey Financial Advisor’s Victims Included Older Investors Who Spoke Spanish
Ramon Arturo Herrera, a former Wells Fargo (WFC) registered representative, is sentenced to 27 months in prison and three years of supervised release. The former New Jersey financial advisor pleaded guilty to wire fraud for bilking approximately 40 clients of $450K.
Herrera worked five years in the industry. The entire time, he was a Wells Fargo broker until 2018. That is the same year that Financial Industry Regulatory Authority (FINRA) barred him from the industry. The following year, Herrera was expelled by the New Jersey Bureau of Securities.
The Ex-Wells Fargo Broker Misappropriated Clients’ Funds
Court documents state that the ex-Wells Fargo stockbroker used his position as a financial advisor to meet with clients in Hudson County. Many of these customers were older persons who spoke to him in Spanish and whom he advised to sign blank withdrawal slips. He then would take the slips to tellers at Wells Fargo branches, withdraw these clients’ money, and misappropriate their funds.
According to Ramon Herrera’s BrokerCheck record, he has been involved in three customer disputes, including:
- April 2018: For the withdrawal of funds from their account without permission, the customer received a $90,533 settlement
- April 2018: In an investor fraud case that makes similar allegations, this claimant received a $20K investor fraud settlement
- January 2018: This investor accused Herrera of unauthorized trading and unauthorized withdrawals. The claimant received a $100K settlement
Unauthorized Withdrawals
Brokers and investment advisors are not supposed to take money out of a customer’s account without their knowledge or permission. Unfortunately, there are financial advisors that will seek to take advantage of their customers, stealing their funds for their own personal use.
Broker-dealers are supposed to properly supervise their registered representatives and the accounts of customers. When a failure to supervise or detect red flags enables a broker to steal from customers, the financial firm can be held liable for these losses and other damages.
Senior Investment Fraud Lawyers
Older investors are among the most vulnerable targets of investment fraud, even by unscrupulous financial professionals. The impact of such losses for retirees especially can be catastrophic. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent seniors and retirees in their FINRA arbitration claims to recover damages.
If you experienced losses while working with ex-Wells Fargo broker Ramon Herrera or any other New Jersey-based financial adviser, contact us today at (800) 259-9010.