Ex-Citigroup Broker To Wealthy Mexicans Is Barred From The Securities Industry

Jose Luis Vinas out of Houston, Texas has been barred from associating with any FINRA member in any capacity. The sanction was based on findings that Vinas converted approximately $3.3 million from Mexican customers while he was associated Citigroup Incorporated and UBS Securities in Houston and served as the registered representative responsible for these customers’ brokerage accounts. Previously, Vinas had also worked for Bancomer Securities International in Houston. The findings stated that Vinas gave customers blank documents to sign, in addition to giving them documents written in English even though they could only speak Spanish. The findings also stated that a variable credit line account was opened at Vinas’ firm in the customers’ name, and Vinas submitted or caused to be submitted applications requesting increases in the credit line that the firm approved, but the customers had not authorized the opening of the credit account or the subsequent credit increases, nor were they aware of the existence of the credit account. The findings also included that Vinas forged customer signatures on Letters of Authorization (LOAs) and had a customer sign blank LOAs, which he submitted to his firm purportedly authorizing the transfer of customer funds without these customers’ authorization or knowledge. FINRA found that Vinas submitted fraudulent verbal LOAs to another firm without the customers’ authorization or knowledge, which allowed him to wire funds from the customers’ accounts. In addition, FINRA determined that Vinas presented false account documents to the customers, which reflected fictitious account balances although he had closed the account after taking the last remaining funds from the account. Moreover, FINRA found that Vinas failed to respond to FINRA requests to appear and provide testimony. (FINRA Case# 2009017198901).

The FINRA BrokerCheck Report reveals that Vinas has had eighteen (18) customer complaints and been the subject of two (2) regulatory actions, including the above action resulting in his permanent bar from the industry.

If you were a client of Jose Luis Vinas, please contact our securities law firm at 1-800-259-9010 for a confidential, no obligation consultation. Hablamos español.

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