What You Need to Know

  • The ex-Wells Fargo broker became a defendant last year in a complaint by disgruntled clients alleging he ripped them off in a Ponzi scheme.
  • He voluntarily resigned from Wells Fargo, which was also named as a defendant in the complaint.
  • Not cooperating with a FINRA investigation is a surefire way to be barred.

A former Wells Fargo broker who was named as a defendant last year in a complaint by disgruntled clients alleging he ripped them off as part of a Ponzi scheme has now been barred by the Financial Industry Regulatory Authority from associating with any FINRA member firms.

The complaint by “Q3 Investments Recovery Vehicle,” a group of the former broker’s clients, was initially filed early last year in the 13th Judicial Circuit Court of Florida in Hillsborough County and named James A. Seijas, the former broker, as a defendant, along with Wells Fargo, Skyway Capital Markets and several others.

An amended complaint was filed April 16, 2020 in a new location, U.S. District Court for the Middle District of Florida in Tampa. The main allegation was that the plaintiffs were the victims of a $35 million Ponzi scheme.

Without admitting or denying the findings of FINRA’s investigation into his practices at Wells Fargo, Seijas signed a FINRA letter of acceptance, waiver and consent on Oct. 22 in which he consented to the imposition of a bar against him by the industry self-regulating group. FINRA signed the letter on Tuesday and posted the…

Read more…