Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Gustavo Rodrigo III (CRD # 3031284) 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. Rodrigo III.
Registration Background for Gustavo Rodrigo III
Mr. Rodrigo III first became registered in the securities industry in 1998. He is currently registered with Boca Raton, FL based Boustead Securities Services, LLC (CRD # 141391). His prior registrations include Westpark Capital, Inc. (CRD # 39914) from November 2014 to January 2021, Woodstock Financial Group, Inc. (CRD # 38095) from October 2012 to January 2013, and Caldwell International Securities (CRD # 104323) from November 2011 to March 2012.
FINRA’s Allegations Against Gustavo Rodrigo III
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated September 13, 2023 (No. 2021070498101), Mr. Rodrigo III consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 1, 2019 through December 31, 2020, [Mr. Rodrigo III] effected at least 98 trades in the brokerage account of a Westpark customer without speaking to the customer prior to execution on the date of the transactions”;
- “[Mr. Rodrigo III] did not have written authorization to exercise discretion in the account”;
- “Westpark did not accept the account as discretionary”; and
- By virtue of his actions, Mr. Rodrigo III violated FINRA Rule 3260(b) regarding discretionary trading, NASD Rule 2510(b) regarding discretionary trading and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Gustavo Rodrigo III from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s September 13, 2023 AWC also indicates that Mr. Rodrigo III consented to the following sanction(s):
- A 10-business day suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $2,500.00.
Gustavo Rodrigo III Has a History of Securities Industry Customer Complaints
In addition to Mr. Rodrigo III being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Rodrigo III reveals that he has history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to the following:
- On November 25, 2008 a customer initiated a complaint against Mr. Rodrigo III regarding alleged actions that occurred while he was associated with Investors Capital Corporation. The customer’s allegations included misrepresentation and unauthorized trading. The customer further alleged damages in the amount of $100,000.00. On December 12, 2008 the complaint was denied.
- On June 7, 2005 a customer initiated a complaint against Mr. Rodrigo III regarding alleged actions that occurred while he was associated with Gunallen Financial Inc. The customer’s allegations included excessive commissions. The customer further alleged damages in the amount of $7,000.00. On June 21, 2005 the complaint was denied.
Have You Lost Money with Gustavo Rodrigo III?
If you or someone you know has or had a brokerage account with Mr. Gustavo Rodrigo III 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.