Did you lose money investing with Wilfredo Felix (CRD# 2693672)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Wilfredo Felix. If you suffered losses investing with Wilfredo Felix, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of February 17, 2023, Wilfredo Felix’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
3 Customer Disputes
3 Regulatory Events
June 28, 2021 – Felix appealed a NAC decision to the SEC. Felix was barred from association with any FINRA member in all capacities. A suspension, fine and requirement to requalify as a Financial and Operations Principal (FINOP) were assessed but not imposed in light of the bar. The NAC affirmed the findings and sanctions imposed by the OHO. The sanction was based on the findings that Felix failed to comply with FINRA’s requests for an Internal Revenue Service wage and income transcript in connection with its investigation into expense misclassifications. The findings stated that Felix made false expense entries in his member firm’s general ledger and caused the firm to maintain inaccurate books and records and file inaccurate Financial and Operational Combined Uniform Single (FOCUS) reports. Felix also falsely recorded his personal expenses as firm expenses in its general ledger. Felix caused the firm’s books, records and FOCUS reports to significantly overstate business expenses and understate compensation to himself. The bar is in effect pending review. (FINRA Case #2018058286901)
Current and Previous Registrations
08/27/2001 – 05/27/2020 PRIMEX (CRD#:29394) New York, NY
01/07/1999 – 08/14/2001 FLETCHER AND FARADAY, INC. (CRD#:29769) HEMPSTEAD, NY
FINRA expelled the firm on 07/31/2002
06/17/1998 – 08/21/1998 THE MINNEAPOLIS COMPANY, INC. (CRD#:38859) MELVILLE, NY
FINRA expelled the firm on 09/05/2001
07/31/1997 – 02/17/1998 LA JOLLA CAPITAL CORPORATION (CRD#:24341) SAN DIEGO, CA
04/29/1997 – 08/28/1997 FIRST COLONIAL SECURITIES GROUP, INC. (CRD#:25121) BOCA RATON, FL
12/21/1995 – 04/18/1997 INVESTORS ASSOCIATES, INC. (CRD#:958) HACKENSACK, NJ
FINRA expelled the firm on 05/14/1998
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Wilfredo Felix and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
