Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Felipe Henao Vargas (CRD # 5140431) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into unauthorized discretion.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Vargas.
Registration Background for Felipe Henao Vargas
Mr. Vargas first became registered in the securities industry in 2007. He was most recently registered with Miami, FL based Insigneo Securities, LLC (CRD # 29249) from January 2016 to February 2022. His prior registrations include Bolton Global Capital (CRD # 15650) from February 2011 to December 2015, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD # 7691) from February 2007 to January 2011.
FINRA’s Allegations Against Felipe Henao Vargas
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 19, 2023 (No. 2020068622401), Mr. Vargas consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In February and March 2020, Henao [Mr. Vargas] exercised discretion without written authorization in a customer’s account”;
- “In March 2020, after the trade went against his customer, Henao [Mr. Vargas] closed out the position”;
- “Insigneo’s procedures prohibited discretionary transactions without written authority from the customer and prior approval from the firm”;
- “Henao [Mr. Vargas] did not have written authorization from the customer, or permission from Insigneo, to exercise discretion in the account”;
- “Henao [Mr. Vargas] aggravated his misconduct by using an unapproved communication channel to exchange messages concerning the trades with a family member of the customer after the fact”; and
- By virtue of his actions, Henao [Mr. Vargas] violated FINRA Rule 3260(b) regarding discretionary accounts, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Felipe Henao Vargas from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s December 19, 2023 AWC also indicates that Mr. Vargas consented to the following sanction(s):
- a 45-calendar day suspension from association with any FINRA member in all capacities; and
- a fine in the amount of $7,500.00.
Felipe Henao Vargas Has No Prior History of Securities Industry Customer Complaints
In addition to Mr. Henao being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Vargas reveals that he has no prior history of customer complaints and/or customer-initiated arbitrations.
Have You Lost Money with Felipe Henao Vargas?
If you or someone you know has or had a brokerage account with Mr. Felipe Henao Vargas and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
