Ex-Merrill Broker Suspended Over Alleged Mishandling of Client Info: Finra
Financial Industry Regulatory Authority Department of Enforcement
vs. Arturo Fernando Alcocer Romo
Background: Romo first entered the securities industry as a general securities representative in October 2005 and registered with Merrill Lynch on March 2006. In October 2015, Merrill Lynch discharged Romo over “[c]onduct involving failure to adhere to firm policy regarding electronic communications by sending proprietary information to external email addresses.” Romo then registered with Wells Fargo Clearing Services from December 2015, which is his current employer.
Overview of Allegations: In October, 2015, Romo improperly disclosed non-public personal information on eight Merrill Lynch’s customers, including names, account numbers, addresses, birthdates, and passport numbers, by e-mailing it to a relative and uploading it to a third-party website that was accessible to the public. Romo’s conduct violated FINRA Rule 2010 by causing the Firm to violate Regulation S-P, which governs consumer privacy
Romo and his attorney did not return calls for comment. A Wells Fargo spokeswoman also did not return a request for comment.
Result: Without admitting or denying the findings, Romo agreed to a 31 business day suspension from the securities industry, and a fine of $5,000.