Options for Clients of Former Primex Broker Wilfredo Felix Jr.
Posted on Tuesday, April 27th, 2021 at 1:18 am
Erez Law is currently investigating former Primex broker Wilfredo Felix Jr. (CRD# 2693672) regarding unsuitable investment recommendations. Felix was registered with Primex in New York, New York from 2001 to 2020.
In December 2020, “Felix was named a respondent in a FINRA complaint alleging that he failed to provide information and documents requested by FINRA in connection with its examination of his member firm. The complaint alleges that FINRA sent requests to Felix in his individual capacity that sought the firm’s general ledger and its annual audit. Both of the items requested of Felix were within his possession, custody, and control as the firm’s owner, chief executive officer, chief financial officer, and FINOP… The requested information and documents were also necessary to determine if Felix and the firm continued to misclassify his personal expenses as expenses of the firm, which is the misconduct that gave rise to the violations found in an OHO Decision which barred Felix in all capacities for his failure to provide personal tax-related documents requested by FINRA during the investigation of a prior matter.” The FINRA hearing panel also found that Felix and the firm made and preserved inaccurate and false expense records, causing the firm to maintain an inaccurate general ledger and file inaccurate quarterly FOCUS reports.
In July 2020, Felix was barred from association with any FINRA member in all capacities and ordered to pay half of the total costs in the amount of $12,585.39, following allegations that he, “falsified his member firm’s books and records by misclassifying hundreds of thousands of dollars of his personal expenses as business expenses of the firm on its general ledger and in other of the firm’s books and records.” The FINRA complaint alleges that Felix grouped his personal expenses along with apparently legitimate business expenses of the firm in broad general expense categories, causing its books and records to be inaccurate by significantly overstating its business expenses in those categories and by understating its distributions to Felix.
Felix has been the subject of three customer complaints between 2007 and 2018, according to his CRD report. Recent complaints are regarding:
November 2018. “Client invested in UpReit transactions which resulted in gain but not enough gain.” The case is currently pending. The complaint was regarding real estate securities.
November 2017. “Client states he lost money on unsuitable trades on two stock in 2012.” The customer sought $103,024 in damages and the case was settled for $72,895.56.
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, Primex may be liable for investment or other losses suffered by Felix’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.