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 These funds were withdrawn from the account by two cashier's checks, and then on the same day, Jimmy Caballero deposited the money into a joint account he opened in his name and the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 Funds were then withdrawn through numerous checks payable to Fernando Arevalo, and Jimmy Caballero.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.
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