On December 3rd., 2013, two brokers, Fernando L. Arevalo and Jimmy E. Caballero, were barred by the Financial Industry Regulatory Authority (FINRA), for taking $300,000 from an elderly widow with diminished mental capacity, and they did not cooperate with FINRA's investigation. They were employed as brokers with JPMorgan Chase Securities, LLC. JPMorgan not a party to this action, reimbursed the elderly customer.
According to FINRA, the elderly widow maintained her accounts at JPMorgan and an affiliate bank. From April to July 2013, the widow deposited approximately $300,000 from the sale of two annuities in an account Fernando Arevalo had opened for the widow. These funds were withdrawn from the account by two cashier's checks, and then on the same day, Jimmy Caballero deposited the money into a joint account he opened in his name and the customer's name at a totally different bank. Funds were then withdrawn through numerous checks payable to Fernando Arevalo, and Jimmy Caballero. Additionally, FINRA reported that Arevalo used the account debit card for personal expenses. The elderly customer was completely unaware of these withdrawals and purchases.
If you or an elderly family member have experienced losses through your broker/financial advisor, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses: 888-760-6552.
Moors & Cabot, Inc. (CRD 594) is a brokerage firm based in Boston, Massachusetts. FINRA censured and fined the firm $125,000 after finding it failed to develop and implement an anti-money laundering compliance program reasonably expected to detect and report suspicious transactions, according to an AWC issued August 24, 2026.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
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