Financial advisor stole $220 million from a client

An El Paso man faces multiple charges after allegedly stealing more than $220,000 from a client’s account while working as a financial advisor at a company from 2018 to 2021, according to court documents obtained by this media. Are engaged.

Jesus Rodriguez is charged with three counts of wire fraud, one count of participating in a monetary transaction over $10,000, one count of using the proceeds of crime, one count of identity theft and one count of aggravated identity theft.

Rodriguez worked as a financial advisor at Morgan Stanley in El Paso and before November 2018, he convinced an acquaintance to open a credit line account with the company.

Court documents state that Rodriguez prepared false communications and documents impersonating this customer and presented them to company personnel.

On or about December 24, 2018, Rodriguez completed an “Oral Transfer Processing Form”, falsely claiming that the customer had verbally authorized a transfer of $48,575.36. The company initiated a wire transfer through Citibank’s agent bank to an account at a different financial institution that belonged to a relative of Rodriguez.

On or about December 26, 2018, Rodriguez sent an email to his company’s email account from a fictitious Gmail account he created as a customer, including a fake letter in which the customer authorized the transfer of $125 thousand. Was. The company initiated a wire transfer through agent bank Citibank to an account at an independent financial institution owned by the Lamborghini seller. Rodriguez used the money to purchase a vehicle.

On or about January 18, 2018, Rodriguez sent another false letter to company personnel in which the customer authorized the transfer of $56,500. The company initiated a wire transfer through Citibank’s agent bank to an account at a different financial institution that belonged to a relative of Rodriguez.

Additionally, the FBI arrested Rodriguez on Friday, January 12. He is currently being held without bond at the El Paso County Detention Center, and his arraignment was scheduled for Friday morning, January 19.

2021 allegation

Before working at Morgan Stanley, Rodriguez worked at Citigroup Global Markets Inc., according to court documents. and also worked for Merrill Lynch, Pierce, Fenner & Smith Incorporated, El Paso. He holds records in the industry since 2005.

Rodriguez has a total of nine revelations, all from 2021. The first, filed on July 15, 2021, alleges that Rodriguez used a customer’s line of credit for his personal gain. The claim is currently pending and seeks damages of $61,431.00. He voluntarily resigned from Morgan Stanley on August 6, 2021, after the allegations surfaced.

Two customer disputes filed on 8/23/2021 contain almost identical allegations of improper withdrawals (one from 2017 to 2020). Both of these disputes were resolved for $376,532.96 and $30,470.00 respectively.

Two additional disputes, filed on 9/9/2021 and 9/28/2021, are currently pending, alleging fraudulent withdrawals, embezzlement, and unauthorized transactions. Both claims involve “unspecified damages”.

The Financial Industry Regulatory Authority (FINRA) began its investigation after receiving Rodriguez’s U5 form from Morgan Stanley. Staff contacted him by mail on August 10 and 15, 2021, requesting the relevant documentation.

Rodriguez’s legal counsel responded to FINRA’s request, acknowledging receipt of the request and stating that he would not be providing the requested information or documents at any time.

As a result, FINRA permanently banned Rodriguez from affiliating with any FINRA broker-dealer, effective November 29, 2021. Rodriguez signed an Acknowledgment, Waiver and Consent (AWC) letter to resolve the case, without confirming or denying the findings.

(tagstotranslate)El Paso

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