Arevalo and Caballero, who were brokers at
The elderly customer kept accounts at
When that bank required further confirmation, Arevalo drove the customer to the bank to confirm the source of the funds. Funds from the account were then depleted through numerous checks payable to Arevalo. He and Caballero used the account debit card for personal expenses including real estate loans, car loans and various retail purchases. The customer was unaware of any withdrawals or purchases against the joint account by Arevalo or Caballero, and did not authorize the transactions, according to FINRA.
In addition, Arevalo failed to provide testimony to FINRA. Caballero initially provided testimony to FINRA, but subsequently refused to provide additional relevant information, according to securities industry watchdog.
In the settlements, Caballero and Arevalo neither admitted nor denied the charges, but consented to the entry of FINRA's findings.
|Copyright:||(c) 2013 Financial Planning. All rights Reserved.|
|Source:||Source Media, Inc.|