James Seijas, a former Wells Fargo broker who was alleged to be part of part of a crypto Ponzi scheme has now been barred by the Financial Industry Regulatory Authority from associating with any FINRA member firms. If you have suffered such losses, please call 303-300-5022 for a free and confidential consultation.
The former Wells Fargo broker signed a FINRA letter of acceptance, waiver and consent on Oct. 22 in which he consented to the imposition of a bar against him by the industry self-regulating group. FINRA signed the letter on Tuesday and posted the letter on its website.
On March 24, 2020, Wells Fargo filed an amendment to Seijas’ regulatory form disclosing the details of his termination, “disclosing for the first time that Seijas had been named as a defendant in a lawsuit alleging that he had ‘misrepresented investments as part of a Ponzi scheme’.
FINRA, the regulator overseeing securities brokerages, investigated and brought suit, but Seija failed to defend the charges against him. On Sept. 29, 2021, in connection with its investigation concerning the termination description filed by Wells Fargo, FINRA sent a request to Seijas for on-the-record testimony, according to FINRA. Seijas acknowledged that he received FINRA’s request for documents as part of the investigation and would not appear or cooperate at any time.