SEC bars ex-Transamerica broker who took $583,000 from clients

SEC bars ex-Transamerica broker who took $583,000 from clients
The broker, Pedro L. Gonzalez-Seijo, was charged last summer with fraud.
JUL 08, 2019

The Securities and Exchange Commission on Friday barred a former Transamerica Financial Advisors Inc. broker who was charged last summer by the U.S. Attorney's office with securities and bank fraud in taking $583,000 from his clients. The broker, Pedro L. Gonzalez-Seijo, 66, is based in San Juan Puerto Rico and from 1991 to 2016 he was registered with Transamerica Financial Advisors. In January, he pleaded guilty to one count of bank fraud, according to the SEC. The federal indictment alleged that from May 2013 to June 2016, Mr. Gonzalez-Seijo, an independent insurance agent who sold variable annuities and other products, took client funds by depositing into his account client money intended to be deposited into insurance accounts. He also obtained client money by making unauthorized withdrawals from his clients' accounts; and took funds that clients had authorized to be withdrawn to transfer the funds into a different product, according to the SEC. Mr. Gonzalez-Seijo did not return a call on Monday to comment. A Transamerica spokesman, Hank Williams, also did not return a call to comment. A chunk of Transamerica Financial Advisors was sold in 2016 to John Hancock Financial Network. That group's broker-dealer, Signator Investors Inc., was then sold last year to Advisor Group.

Latest News

Former Wells Fargo exec Brendan Krebs emerges at PNC
Former Wells Fargo exec Brendan Krebs emerges at PNC

The 25-year industry veteran previously in charge of the Wall Street bank's advisor recruitment efforts is now fulfilling a similar role at a rival firm.

Trio of advisors switch for 'Happier' times at LPL Financial
Trio of advisors switch for 'Happier' times at LPL Financial

Former Northwestern Mutual advisors join firm for independence.

Indie $8B RIA adds further leadership talent amid growth drive
Indie $8B RIA adds further leadership talent amid growth drive

Executives from LPL Financial, Cresset Partners hired for key roles.

Stock volatility remained low despite risk events
Stock volatility remained low despite risk events

Geopolitical tension has been managed well by the markets.

Fed minutes to provide signals on rate cuts
Fed minutes to provide signals on rate cuts

December cut is still a possiblity.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound