Erez Law is investigating claims regarding Michael Vincent Borja (CRD #5451360, Miami, Florida). Borja recently submitted an AWC in which he assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for 45 days. See FINRA Case #2013037029901. Borja formerly was associated with Wells Fargo Advisors, LLC (January 2012 to May 2013), Oppenheimer & Co., Inc. (February 2009 to January 2012), and UBS International, Inc. (February 2008 to February 2009). The Form U-5 filed by Wells Fargo to terminated Borja’s registration with Wells Fargo states that he was “discharged” because he “entered certain information on the firm’s systems that was incorrect with respect to client account updates, and provided certain information regarding compliance with firm policy in connection with a wire transfer that was not accurate.”
FINRA found that Borja proceeded with wire transfer requests, from an imposter posing as a customer, without first obtaining verbal confirmation from the customer, which was contrary to his member firm’s policies and procedures. FINRA also found that Borja falsely represented in his firm’s records that he verbally confirmed wire requests with the customer and also provided fictitious reasons for the customer’s transfer instructions. As a result, Borja caused his firm to maintain false books and records concerning these wire transfer requests, according to FINRA. In entering into the AWC, Borja neither admitted nor denied FINRA’s findings.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Wells Fargo, Oppenheimer, or UBS, may be liable for investment or other losses suffered by Borja’s customers.
If you were a client of Wells Fargo, Oppenheimer, UBS or Borja and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options, Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”