From 2012 to 2018, Alex Gerardo Herrera (CRD#: 3204779) served as a broker and investment advisor for UBS Financial Services in Miami-Dade County, FL. Prior to that, Mr. Herrera was also associated with HSBC Securities (USA).
Earlier this year, former UBS Financial Services representative Alex Herrera was barred by the Financial Industry Regulatory Authority (FINRA) after he refused to provide information to regulators. FINRA officials were reviewing allegations that Mr. Herrera violated securities industry rules, including failing to report his outside business activities and participating in undisclosed private securities transactions (selling away).
Though, the allegations that have been raised against Alex Herrera are more serious than non-disclosures. A former customer is accusing this broker of stealing her money.
Alleged Financial Advisor Theft: Former UBS Financial Services Broker Alex Herrera
The South Florida Business Journal reports that a former client of Alex Herrera submitted a complaint with FINRA alleging that this broker stole her money while serving as her financial advisor, and that he used her funds to buy a second home for himself. This complaint was filed against the former UBS Financial Services broker in May of 2018.
Registered representatives have a professional duty to cooperate with FINRA investigations. Under FINRA Rule 8210, brokers must provide relevant documents and on-the-record testimony to the agency when requested to do so in relation to an investigation. As Alex Herrera knowingly refused to cooperate with FINRA, he has been indefinitely barred from the securities industry. Without admitting wrongdoing, Mr. Herrera consented to the sanctions.
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