Seijas worked for Wells Fargo Clearing Services from March of 2013 through March of 2019, when he voluntarily resigned. However, on March 24th, 2020, Wells Fargo filed an amendment to his Uniform Termination Notice For The Security Industry Registration Form, or Form U5. In the amended version, Wells Fargo revealed for the first time that Seijas had been named as a defendant in a lawsuit alleging that he was misrepresenting investments as part of a Ponzi scheme.
This sparked an investigation by FINRA into Seijas. Then on September 29th, 2021, FINRA sent a request to him for on-the-record testimony. However, in a phone call with Seijas’ attorney, FINRA was notified on October 15th, 2021, that Seijas received their requests but will not appear for any on-the-record testimony at any time regarding this matter.
As a result, FINRA then barred Seijas from association with any FINRA broker-dealer in all capacities, effective immediately. Seijas also signed a letter of Acceptance Waiver & Consent (AWC.)
Two previous disclosures filed in 2020 allude to Seijas’ misconduct. In the first one, filed on 5/19/2020, this customer dispute alleged that in the January 2019 time frame, Seijas recommended investments into a fraudulent hedge fund. This customer dispute was settled for approximately $125,000.
The second customer dispute was filed on 3/18/2020 and is still pending. In this dispute, the plaintiff alleges that from August of 2017 through December of 2019, Seijas misrepresented investments that were actually part of a Ponzi scheme.
Did You Invest With James Seijas?
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