Miami Broker, FRANCISCO JOSE ORTIZ, Formerly of Wells Fargo Suspended and Fined by FINRA

FRANCISCO JOSE ORTIZ (CRD#: 4677135 ), formerly with Wells Fargo Advisors in Miami, was suspended by FINRA for one month and fined him $5,000 for allegedly processing a fraudulent wire transfer request from an imposter posing as a client, according to FINRA.
At the time of the allegations, FRANCISCO JOSE ORTIZ was a registered representative with Wells Fargo in Miami and assisted a senior financial advisor with client service requests, which included wire transfers. Allegedly Ortiz processed the $9,850 wire request even after the client had called to notify him that his email account had been compromised and the pending wire request was not real, according to FINRA.
FINRA’s findings stated that FRANCISCO JOSE ORTIZ processed the wire transfer based on email instructions despite knowing that an unknown imposter had compromised the client's email account and that the wire request was fraudulent. Ortiz submitted the falsified wire transfer request form to his firm as if it was authentic in order to complete the wire transfer. As a result of the submission of a false wire transfer request form, Ortiz made possible a fraudulent transfer of client funds by an imposter.
According to FINRA, Wells Fargo recalled the wire transfer and returned the client’s funds after the client called to complain. The wire transfer occurred in May of 2015.
On FINRA’s BrokerCheck, which is available to the public on FINRA’s website, FRANCISCO JOSE ORTIZ has 4 Disclosures on his report.  One of those Disclosures is an “Employment Separation after Allegations” from Wells Fargo on 6/15/2015 following allegations that, “In connection with processing a wire transfer, Mr. Ortiz submitted a document to the Firm indicating that the client had orally confirmed the wire instructions, when the client had not done so.”
Ortiz had been in the securities industry for 8 years was listed with 9 firms, the 3 most recent are listed below:
05/05/2016 - 10/24/2016  BRICKELL GLOBAL MARKETS INC - MIAMI, FL
06/05/2013 - 06/16/2015  WELLS FARGO ADVISORS LLC - MIAMI, FL
12/10/2010 - 02/28/2012  INVESTACORP INC - MIAMI LAKES, FL
If you experienced losses due to Wells Fargo Advisors of Miami, broker FRANCISCO JOSE ORTIZ, contact Soreide Law Group, conveniently based in South Florida, and speak to an experienced securities lawyer regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.