RAYMOND ALAGAO VELASCO Sr (RAY VELASCO, RAYMOND VELASCO) CRD#: 4867519, formerly with LPL Financial of Lisle, Illinois, was suspended for two years and fined $10,000 by FINRA for allegedly falsifying documents to help his clients avoid paying certain fees.
On April 1, 2021, without admitting or denying FINRA’s findings, RAYMOND ALAGAO VELASCO Sr consented to the sanctions and to the entry of findings that he allegedly submitted to his former member firm four termination letters that falsely represented that his clients were separated from their employment, causing the firm holding the clients’ retirement accounts into waiving approximately $10,000 in surrender fees.
FINRA’s findings stated that Velasco allegedly sought to transfer four SEP IRA accounts holding variable annuities for four clients who all worked for the same business. According to FINRA, as part of the transfer, the clients sought to surrender the variable annuities and would therefore incur a surrender fee unless one of several conditions applied, including that the clients had left their employment after five years of issuance of the annuity. To help the clients avoid paying surrender fees, RAYMOND ALAGAO VELASCO Sr allegedly drafted a termination letter for each client and submitted the letters to his former firm to facilitate the transfer of the four accounts.
According to FINRA’s findings, RAYMOND ALAGAO VELASCO Sr allegedly gave false testimony regarding the termination letters. At the conclusion of his on the record testimony, according to FINRA, Velasco corrected his prior testimony and admitted that he falsified the termination letters to help his clients avoid paying surrender fees.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, RAYMOND ALAGAO VELASCO Sr has been in the securities industry for 14 years. In June of 2019, Velasco was discharged from LPL Financial LLC, following the allegations of, “Submission of inaccurate retirement plan documents to annuity company resulting in client avoiding surrender fee.”
Raymond Velasco was listed with 4 firms, the most recent listed below:
06/16/2016 – 06/13/2019 LPL FINANCIAL LLC – LISLE, IL
07/01/2005 – 07/01/2016 METLIFE SECURITIES, INC – DOWNERS GROVE, IL
If you’ve experienced losses due to the actions o-r recommendations of the former LPL Finncial broker of Lisle, Illinois, RAYMOND ALAGAO VELASCO Sr, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.