The Securities and Exchange Commission (“SEC”) announced it has barred Transamerica securities broker Pedro Seijo (CRD#: 2182912, San Juan, Puerto Rico) for fraud. Mainly, Seijo, who Transamerica disaffiliated with after learning about Seijo making unauthorized withdrawals from client accounts, submitted an Offer of Settlement to SEC. Evidently, SEC accepted the Offer by issuing an Order July 5, 2019 to confirm it barred Seijo to protect the investor public. Notably, the Order comes after Seijo pleaded guilty to bank fraud. Here’s more on the SEC’s Order:
SEC says Pedro Seijo was indicted for bank fraud (18 USC Section 1344(1)) in Case #:18-cr-549-CCC (United States v. Pedro L. Gonzales-Siego). Seijo stood accused of converting assets from clients when he was an independent insurance agent offering variable annuities. In appears that from 2013 to 2016, Seijo took the clients’ funds and placed them in accounts at his bank. Evidently, Seijo used the clients’ funds for himself when he was supposed to be investing their money in insurance policies.
In addition, Pedro Seijo evidently withdrew money from investment accounts without any client authorization. Some clients who consented to withdrawals thought that their money was going to be moved to different investments. Unbeknownst to them, Seijo converted their funds. Indeed, Seijo pleaded guilty to the very count which alleged he basically stole $480,813.15 from five clients.
Evidently, 2 of Transamerica’s clients disputed Pedro Seijo’s actions. One of those clients brought a complaint while the other filed a civil action. Notably, both clients make allegations of Seijo making unauthorized withdrawals relating to variable annuity products. Supposedly, Seijo was responsible for directing checks into an “unauthorized account” with money coming from the clients’ annuities. The complaint closed without resolution while the civil action, filed August 22, 2016, is ongoing. Transamerica has not disclosed a specific amount the client alleges in damages.
Did Pedro Seijo make unauthorized or unsuitable transactions in your account? If so, contact Soreide Law Group at (888) 760-6552. Talk with experienced legal counsel about a possible recovery of your investment losses. Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. The firm represents clients on a contingency fee basis and advances all costs.
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