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James Seijas: Ponzi Scheme Allegations Against Short Hills Rep

James Seijas (CRD# 2392901), a former representative of Wells Fargo Clearing Services, was recently barred from the securities industry after refusing to cooperate with an investigation into an alleged Ponzi scheme. Seijas was previously affiliated with the firm’s office in Short Hills, New Jersey. 

According to a Letter of Acceptance, Waiver and Consent (No. 2020066137801) dated November 2, 2021, James Seijas was registered as a General Securities Representative with Wells Fargo Clearing Services from November 2013 until March 2019, at which point he resigned from the firm. In March 2020 the firm disclosed that he had been sued over allegations he “misrepresented investments as part of a Ponzi scheme.” FINRA subsequently initiated an investigation into this disclosure. As part of its investigation, FINRA sent him a request on September 29, 2021 to provide on-the-record testimony regarding the matter. As the AWC Letter notes, he indicated to FINRA via counsel on October 15, 2021 that he was in receipt of the request but would not provide the requested testimony “at any time.” 

FINRA’s findings state that this refusal constituted a violation of FINRA Rule 8210, which gives FINRA the power to require FINRA-registered brokers to provide testimony connected to matters under its investigation. As a result of these findings, FINRA barred Mr. Seijas from associating with any FINRA member firm in any capacity.

According to James Seijas’s BrokerCheck report, he has received two pending investor complaints. One complaint, filed in May 2020, alleges that he “recommended investments in a fraudulent hedge fund” while a representative of Wells Fargo Clearing Services. The second, filed in March 2020, alleges that he “misrepresented investments as part of a Ponzi scheme.” Both pending complaints allege unspecified damages.

According to the Financial Industry Regulatory Authority, James Seijas holds 21 years of securities industry experience and is not affiliated with any broker or adviser firm. His previous registrations include Wells Fargo Clearing Services (Short Hills, New Jersey; 2013-2019); TD Ameritrade (Morristown, New Jersey; 2013), Fidelity Brokerage Services (Wayne, New Jersey; 2010-2013), Barclays Capital (New York, New York; 2008-2010), Banc of America Specialist Inc. (New York, New York; 2000-2009), Fleet Securities (Dallas, Texas; 1998-2000), and Quick & Relly (New York, 1997-1998). He has obtained six securities industry qualifying examinations: the Uniform Combined State Law Examination (Series 66), the Uniform Securities Agent State Law Examination (Series 63), the Securities Industry Essentials Examination (SIE), the Limited Representative-Equity Trader Exam (Series 55), the General Securities Representative Examination (Series 7), and the Registered Options Principal Examination (Series 4). He currently holds no state securities licenses. (Information accessed on December 17, 2021.)

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