Former UBS Financial Services Inc. broker Alex Herrera was recently barred by FINRA. He refused to provide on the record testimony to the agency when an investigation was launched by the regulators into Herrera's alleged participation in private securities transactions and unreported outside business activities.
Alex Herrera worked in the securities industry for eighteen years and was registered with five different firms. Prior to becoming barred, Herrera was registered with UBS Financial Services Coral Gables, Florida from 2012 to 2018. According to his BrokerCheck report, he received one customer complaint during his time as a broker and adviser. That complaint, which was from May of this year, is currently pending. The complaint alleges that Herrera stole client funds to purchase a vacation home.
In addition, the Florida Department of Financial Services accused Herrera in 2014 of failing to comply with continuing education requirements. As a result, he was fined.
The sale of unapproved investment products (commonly referred to as selling away) often accompanies unreported outside business activities. Such action is a serious violation of securities laws. In some situations, these activities can indicate the existence of Ponzi Schemes or the misappropriation of funds.
Did You Lose Money While Investing with Alex Herrera?
If you suffered financial losses after working with Alex Herrera, Meyer Wilson would like to hear from you. Depending on your case, you may be able to recoup some or all of your losses. Call out office at (614) 532-4576 for a free consultation with one of our experienced securities fraud attorneys.