Stoltmann Law Offices is investigating Carlos Benavidez Jr., who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Benavidez was registered as a General Securities Representative with Waddell & Reed between August 2006 and February 2015. According to his AWC, within that time period, Benavidez exercised discretion in 80 customer accounts without obtaining prior written authorization from his customers. He also allegedly participated in the backdating of 26 customer notes to falsely reflect that he or another representative had conversations with the customers on August 29, 2014. Allegedly, beginning in January 2013, Benavidez exercised discretion in effecting hundreds of securities transactions in approximately 80 customer accounts. He did not obtain written authorization to approve accounts for discretionary trading. This was against securities rules and regulations. FINRA fined him $10,000 and suspended him from the industry for two months.
According to his FINRA online BrokerCheck report, Carlos Benavidez Jr. was registered with Waddell & Reed in Louisville, Kentucky from August 2006 until February 2015. He is currently registered with International Assets Advisory in Orlando, Florida and has been since March 2015. He has one customer dispute against him, and it is currently pending. If you or someone you know invested money with Benavidez, please call our securities law firm in Chicago at 312-332-4200 to speak with one of our attorneys. The call is free with no obligation. We may be able to help you bring a claim against his former firm, Waddell & Reed for his transgressions. The firm may be held responsible for his actions. We sue firms in the FINRA arbitration forum and take cases on a contingency fee basis only.