Wilfredo Felix Gets Barred By FINRA

Primex's Wilfredo Felix Is Barred By FINRA, Found Liable In Investor Dispute

Soreide Law Group is evaluating possible investor claims to be brought against former Primex securities broker Wilfredo Felix Jr. (CRD#: 2693672, New York, New York). Notably, his FINRA BrokerCheck report contains alarming disclosures. This includes FINRA’s decision to bar Felix for seemingly impeding an investigation into his alleged falsification of records at Primex. Moreover, at least three investors brought disputes about him.

FINRA Bars Wilfredo Felix In July 2020

Notably, FINRA expelled Wilfredo Felix as a securities broker and in all other capacities. Evidently, the financial industry watchdog sanctioned Felix for making false and inaccurate reports. Supposedly, the securities broker grouped his personal expenses into his business expenses, and used Primex’s bank account for his personal expenses. Theses expenses supposedly bore no relation to his work. It seems that the broker also understated his compensation and had overstated Primex’s business expenses. And when FINRA investigated him, Felix supposedly failed to turn over documents in a timely manner. Evidently, Felix appealed this decision, and that appeal is ongoing.
In the meantime, FINRA filed another complaint against Wilfredo Felix in December 2020. Mainly, this complaint alleges that Felix did not provide FINRA with the information and documents that it asked for. For this reason, FINRA argued that Felix violated FNIRA Rule 8210. This matter is ongoing.
Felix worked for Primex from 2001 to 2020.

Primex Client Files Lawsuit About UpReit

Evidently, a client of Primex disputed Wilfredo Felix through a November 2018 FINRA Arbitration Claim. It seems that one of the securities brokers who worked for Felix had caused an investor to purchase UpReit. Apparently, this investment underperformed. For this reason, the client sued for relief in this ongoing matter.

Wilfredo Felix Named In Client’s Lawsuit About Unsuitable Transactions

Also, a client of Primex sued in October 2017 to dispute Wilfredo Felix’s actions. Specifically, the client alleged failure to supervise, churning and unsuitable transactions. It appears that a broker excessively traded the client’s account to make commissions. Not only that, but the broker seemingly invested the client in Skywork Solutions and Zynga when this did not match with the client’s investment profile. And Primex apparently failed to supervise this broker. Evidently, a FINRA Arbitration Panel determined that Felix was legally responsible for this. Because of this, in February 2019, the Panel ordered Felix to pay $72,895.56 to this client.

Did You Experience Losses By Investing Through Felix?

FINRA BrokerCheck indicates that Wilfredo Felix denies all allegations of his sales practice violations. Did you lose money because of him? If so, call Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have sustained losses because of their financial advisors and securities brokers.