Former HSBC Bronx, NY Broker Barred by FINRA for Scamming Senior
A former HSBC bank broker from the Bronx, NY, has been barred by FINRA for converting $200,000 from a blind elderly client.
Jaime R. Rodriquez worked at HSBC Securities (USA) Inc. in the Bronx from December 2010 to July 2014. In 2010 he befriended an elderly client who was legally blind. According to Rodriquez’s BrokerCheck report, when the client’s lease for his apartment expired, Rodriquez offered to assist the customer purchase an apartment. The customer then purchased an apartment for $70,000. At least, the customer thought that he did – in reality, Rodriquez, using funds provided by the customer, purchased the apartment in his name. Since the customer was blind, he did not see that Rodriquez had signed the purchase documents in his name, not the client’s.
Thereafter, at Rodriquez’s suggestion, the client opened a joint account with Rodriquez at a non-affiliated bank. The ostensible reason for the joint account was that Rodriquez could assist the client pay his bills. The account, which reached a high balance of $153,00 in 2013, was completely funded by the client.
After several years, a nearby grocery store apparently used by the client closed. Rodriquez suggested that the client purchase another apartment. An apartment was purchased in Yonkers, NY, for $130,000, all from the joint bank account. As in the case of the first purchase, Rodriquez, unbeknownst to the client, put the apartment in his name, not the client’s.
To cap it off, when the client ultimately decided to not move to Yonkers, Rodriquez rented out the Yonkers apartment and collected the rent for himself.
Rodriquez agreed to a bar from the industry in a letter of acceptance, waiver and consent (“AWC”). His bar began on August 28th.
Rodriquez’s BrokerCheck report indicates that he began working in the securities industry in July 2007 at Chase Investment Services in the Bronx. He left Chase in November 2010 and joined HSBC. He left HSBC to join Capital One Investment Services LLC in Fairlawn, NJ in September 2014. In January 2015 he joined Capital One Investing LLC in White Plains, NY. He stayed at Capital One until June 2016 when he joined CUSO Financial Services LP in Port Chester NY. He left CUSO in April of this year.
Lubiner, Schmidt & Palumbo is a firm with experienced securities arbitration, regulatory and employment attorneys. The firm represents brokerage firms, individual brokers and customers. If you have a securities related legal problem, contact Lubiner, Schmidt & Palumbo for a free consultation.