ALEX GERARDO HERRERA, formerly of UBS of CORAL GABLES, Barred by FINRA

ALEX GERARDO HERRERA CRD#: 3204779 was barred by FINRA on August 8, 2018, from acting as a broker or otherwise associating with a broker-dealer firm. Without admitting or denying the findings, Herrera consented to the sanction and to the entry of findings that he refused to provide information requested by FINRA in connection with its investigation of his possible participation in unreported outside business activities and private securities transactions.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, there is a Customer Dispute filed against Herrara alleging that from March 1, 2018 to April 17, 2018 ALEX GERARDO HERRERA allegedly stole his client’s money to buy a vacation home.  The client is a widow from Argentina.
The claim also alleges UBS failed to supervise ALEX GERARDO HERRERA, who allegedly misappropriated the widow and her children's funds to build a vacation home for himself in North Carolina. Herrera was with UBS of Coral Gables, Florida, which also focuses on investment needs of their foreign clients, primarily from Latin America.
According to the claim filed, Herrera’s alleged investment scheme involved the purchase of an unfinished apartment in Coral Gables, Florida.  Herrera allegedly wanted to acquire the property for himself, using the client’s funds, complete the construction, and then after selling it would keep the profit for himself. After the sale, Herrera allegedly purchased property in North Carolina and began building a vacation home for himself.  The claim also alleges the widow was charged by UBS commission and fees in excess of $500,000, while generating no profit or investment returns as the stock market was doubling.
According to FINRA’s BrokerCheck, Herrera was in the securities industry for 18 years and was listed with 5 firms, the two most recent listed below:
03/08/2012 - 05/04/2018  UBS FINANCIAL SERVICES INC - CORAL GABLES, FL
07/25/2006 - 03/09/2012  HSBC SECURITIES (USA) INC. - CORAL GABLES, FL
If you, or a family member from Latin America, experienced losses due to the actions or recommendations of ALEX GERARDO HERRERA formerly of UBS FINANCIAL SERVICES INC of CORAL GABLES, FL, contact Soreide Law Group, conveniently based in South Florida, and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis—no fee if no recovery.