Broker Investigation: Ruben Gerardo Aleman Escalante

broker investigation ruben gerardoRuben Gerardo Aleman Escalante (CRD#: 6732188) is a former registered broker. In 2017, Mr. Aleman was employed as a representative at Wells Fargo Clearing Services, LLC, based in San Diego, California.

In July of 2017, this broker was terminated from his position at the firm after allegations of misconduct.

On June 5th, 2018, FINRA barred former Wells Fargo broker Ruben Gerardo Aleman Escalante from the securities industry. Here, our securities fraud lawyers review the recent FINRA disciplinary action taken against this broker.

FINRA Sanctions: Ruben Gerardo Aleman Escalante

According to FINRA’s records, Mr. Aleman was registered as a representative at Wells Fargo while also employed as a personal banker. During that time, allegations arose that Mr. Aleman used a customer’s debit card to convert $800 worth of funds from the customer’s account. He did this without either the customer’s knowledge or approval.

This type of unauthorized transaction (conversion of funds) is a serious violation of the customer’s trust and of FINRA’s regulations. In its sanctions, FINRA noted that even though the alleged unethical conduct occurred outside of the scope of Mr. Aleman position as a registered representative, it seriously undermines his ability to carry out his fiduciary duties as a representative. Without admitting to or denying the misconduct, Ruben Gerardo Aleman Escalante consented to the penalties, including an indefinite bar from the securities industry.

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