Erez Law is investigating claims regarding Jose Fernando Lozano (CRD #5619625, Miami, Florida). Lozano recently entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. See FINRA Case #2013037407801. Lozano was registered with Itau Europa Securities, Inc., in Miami, Florida, from January 2009 to June 2013, and currently is registered with VectorGlobal WMG in Miami, Florida.
FINRA found that Lozano consented to the sanctions and to the entry of findings that he affixed customer signatures to wire transfer instructions in order to help effectuate a bona fide transfer of funds from the customers’ account to a third party for the purchase of real property. The findings stated that two of the three customers signed a Letter of Authorization (LOA) that included wire instructions authorizing the transfer of $150,000 from the custody broker-dealer directly to the seller of the real property. The custody broker-dealer declined to transfer the funds because the outgoing wire transfer was to be sent to a third-party recipient. The next day, Lozano drafted another LOA that included wire instructions authorizing the transfer of the $150,000 from the custody broker-dealer to his member firm after which the firm could send the outgoing third-party wire transfer. Instead of obtaining the customers’ signatures for the second LOA, but with the verbal authorization of one of the customers, Lozano affixed photocopies of the two customers’ signatures from the first LOA onto the second LOA. The $150,000 was thereafter transferred from the custody broker-dealer to Lozano’s firm. In entering into the AWC, Lozano 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, Itau Europa Securities or VectorGlobal WMG may be liable for investment or other losses suffered by Lozano’s customers.
If you were a customer of Lozano or Itau Europa Securities., who has 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.”