Broker Alex Herrera Is Barred By FINRA, Involved In Investor Disputes

The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Alex Gerardo Herrera (CRD#: 3204779, Coral Gables, Florida). Notably, FINRA BrokerCheck confirms that at least three investors filed disputes alleging sales practice violations by the securities broker, who worked for UBS Financial Services from 2012 to 2018. Moreover, there are three instances in which regulators sanctioned Herrera. Here’s more on these disclosures.

FINRA’s Disciplinary Actions Against Alex Herrera Include A Bar From The Securities Industry

Evidently, FINRA issued Alex Herrera a suspension as securities broker. This sanction is for him failing to pay an Arbitration Award. The suspension went into effect on August 21, 2020.

More importantly, the financial industry watchdog barred Alex Herrera indefinitely in August of 2018. Namely, Herrera was under investigation at that time for selling away activities and outside business activities. FINRA told the broker to disclose information so that it could review these allegations. Herrera’s lawyer told FINRA that Herrera would not comply. For this reason, Herrera can no longer be a securities broker for any FINRA firm effective August 8, 2018.

Client Disputes About Herrera Allege Unauthorized Trading, Theft

Three investor disputes concern Alex Herrera’s actions. Notably, an April 2019 dispute seems to indicate that Herrera made an unauthorized fund transfer. It appears that the client received $137,500.00 to resolve this matter in August 2019.

Notably, a May 2018 dispute comes from a UBS Financial Services client who indicated that Alex Herrera stole their money. However, that dispute closed without resolution.

Further, an October 2018 complaint comes from a UBS Financial Services client who alleged unauthorized trading. Specifically, Alex Herrera supposedly made discretionary trades without written authorization to use discretion. The client also indicated that Herrera stole their money through an outside business activity. However, the firm denied this matter in December 2019.

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Evidently, Herrera denies accusations that he committed sales practice violations. Did you sustain losses by investing with him? If you have, feel free to call Soreide Law Group at (888) 760-6552. Speak with experienced counsel concerning a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions for clients who have experienced losses because of their securities brokers and financial advisors.