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Austin Broker James Gallego Barred by FINRA
Former CUSO Financial Services broker James Gallego (CRD# 6226068) has been sanctioned by the Financial Industry Regulatory Authority in connection to allegations he refused to cooperate with an investigation into his “potential involvement” in the movement of a customer’s funds. Formerly associated with the firm’s branch office in Austin, Texas, he was barred from associating with FINRA broker-dealer firms.
According to a Letter of Acceptance, Waiver, and Consent (No. 2019062736301) dated March 2020, James Gallego was associated with CUSO Financial Services as a General Securities Representative from April 2015 until March 2020. That same year, FINRA initiated an investigation into his “potential involvement in the movement of funds belonging to a senior customer at the Firm.” In connection with this investigation, FINRA sent him a request on March 13, 2020 to provide documents and information connected to the matter, with his response due by April 3, 2020. On March 20, 2020, Gallego indicated via an email from counsel that he had received the request from FINRA for documents and information, but that he would not produce them “at any time.” FINRA states that his refusal to produce the documents and information constituted a violation of FINRA Rule 8210, which empowers FINRA to require associated persons to provide documents and information and forbids associated persons from failing to provide such, and FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, Gallego was barred from acting as a broker.
James Gallego is currently not registered as a broker. His previous registrations include CUSO Financial Services in Austin, Texas. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 28, 2020.)