Gus Rodrigo: FINRA Suspends Sutter Securities Broker
Gus Rodrigo (CRD# 3031284), a broker registered with Sutter Securities and Boustead Securities, made unauthorized trades in a customer’s account, according to a Financial Industry Regulatory Authority (FINRA) sanction. MDF Law is investigating the Boca Raton-based broker for allegations of similar conduct, and investors with concerns should call us immediately. The below details are based on an October 23, 2023 review of his FINRA BrokerCheck record.
FINRA Sanction Alleges Unauthorized Trading
On September 13, 2023, FINRA filed an enforcement action against Mr. Rodrigo. According to a Letter of Acceptance, Waiver, and Consent that he signed, he consented to the entry of findings that he improperly exercised discretion in a customer’s account. FINRA found specifically that he made discretionary trades in the account without receiving the customer’s written authorization or his member firm’s acceptance of the account as discretionary. Though he did not admit to or deny FINRA’s findings, he consented to a 10-day suspension and a fine of $2,500.
Gus Rodrigo Violated FINRA Rules, FINRA Alleged
The AWC Letter explains that Mr. Rodrigo’s alleged conduct violated multiple industry rules. Under NASD Rule 2510(b) and FINRA Rule 3260(b), registered representatives may not exercise discretion in a customer’s account—that is, make trades without first consulting the customer—if they do not have the customer’s prior written authorization and the firm’s written acceptance of the account as discretionary.
At the same time, FINRA Rule 2010 requires brokers to “observe high standards of commercial honor and just and equitable principles of trade” while conducting securities business. By conducting “at least 98 trades… without speaking to the customer prior to execution on the date of the transactions,” and without obtaining his firm’s acceptance of the account as discretionary, Mr. Rodrigo violated these rules, FINRA alleged.
Denied Claims Alleged Misrepresentation, Unauthorized Trading
Two denied investor disputes appear on Mr. Rodrigo’s BrokerCheck profile. This means investors filed allegations that were reviewed by a broker’s firm and ruled meritless. One dispute alleged that he misrepresented stock investments and made unauthorized trades, while the other alleged that he generated excessive commissions. Again, both were denied.
FINRA: Rodrigo Based in Boca Raton
Gus Rodrigo launched his career as a broker when he joined First Liberty Investment Group in 1998. His time in the industry has included tenures at a variety of firms, including Gunnallen Financial, Newbridge Securities Corporation, and WestPark Capital, where he was registered from 2014 until 2021. Since that year, he has been registered with two firms in Boca Raton: Sutter Securities and Boustead Securities. With 22 years of experience as a broker, he has completed one state securities law exam and two general industry/products exams.
MDF Law Advocates for Investment Fraud Victims
If you have lost funds on investments recommended by Gus Rodrigo, please contact MDF Law. Our team of lawyers, who have recovered more than $100 million in investment losses, offers free consultations across the United States. We only collect a fee if you win your case, which you may have a limited window to initiate. Call us at 800-767-8040 for a free consultation.