FINRA Bars Former Wells Fargo Advisor James Seijas Over Alleged Ponzi Scheme

Posted on November 11th, 2021 at 1:59 PM
FINRA Bars Former Wells Fargo Advisor James Seijas Over Alleged Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has barred a former Wells Fargo advisor who allegedly conducted a Ponzi scheme. 

According to BrokerCheck, James Seijas was registered with six different advisory firms prior to joining Wells Fargo in 2013. Seijas voluntarily resigned from Wells Fargo in March 2019 and has not reregistered with any other firm up to this point. However, Wells Fargo updated Seijas’ Form U5 termination notice in March 2020 by additionally noting that a lawsuit had been filed against Seijas alleging that he “misrepresented investments as part of a Ponzi scheme,” according to FINRA. 

Seijas subsequently informed FINRA that he would refuse to testify during FINRA’s investigation, which prompted the bar. Seijas also has another pending dispute from May 2020 on his record, which alleges that he “recommended investments in a fraudulent hedge fund” in January 2019, according to BrokerCheck. Seijas consented to FINRA’s bar without admitting or denying any findings from the investigation. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra, wells fargo

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