![Jose Luis Centeno Accused of Faking Compliance Records in FINRA Investigation](https://reviewvideosagency.com/wp-content/uploads/2023/12/whatsapp-image-2023-12-26-at-143901-658a983ed7a62.webp)
Jose Luis Centeno Accused of Faking Compliance Records in FINRA Investigation
Jose Luis Centeno, a broker employed at Wedbush Securities Inc., is currently under investigation by FINRA. The inquiry contends that Centeno engaged in the falsification of over 900 firm documents. Specifically, he is accused of falsifying records related to his examination of various exception reports stored in the company’s system. The investigation is still underway.
Background
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Centeno joined the securities industry in 2014 through an affiliation with a member firm. He served in various roles at Canaccord, starting as a General Securities Representative in July 2017, then advancing to a General Securities Principal in June 2018, and finally becoming a Securities Trader in March 2019.
Canaccord terminated Centeno on September 30, 2021, as indicated in a Form U5 filing. The reason cited for his termination was his “failure to fully perform assigned compliance reviews for a prolonged period.”
Qualification and Employment History
Exams Passed
- Series 3 – National Commodity Futures Examination
- Series 57TO – Securities Trader Exam
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
Work Experience
- Canaccord Genuity (CRD#:1020)
- BMO Capital Markets Corporation (CRD#:16686)
Employment Period | Employer | Position | Registered Representative | Location |
---|---|---|---|---|
11/2021 – 02/2022 | Canaccord Genuity Inc. | Unemployed | No | New York, NY, United States |
07/2017 – 10/2021 | WEDBUSH SECURITIES | VP, Compliance Officer | Yes | New York, NY, United States |
02/2022 – Present | WEDBUSH SECURITIES | Unemployed | No | New York, NY, United States |
06/2014 – 07/2017 | BMO Capital Markets Corp. | Compliance Officer | Yes | New York, NY, United States |
04/2009 – 05/2014 | Financial Industry Regulatory Authority | Examiner | No | New York, NY, United States |
Despite the termination, Centeno is currently registered with FINRA through a different member firm. He holds registrations as a General Securities Representative, a General Securities Principal, a Securities Trader, and an Options Professional. Since he is presently registered with FINRA, he falls under the jurisdiction of FINRA.
Allegations on Jose Luis Centeno
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On October 20, 2023, Centeno became the subject of a FINRA complaint, which asserts that he manipulated records at his member firm. The accusation suggests that Centeno misrepresented his actions as a compliance officer by falsely indicating that he had examined assigned exception reports.
According to the complaint, Centeno fabricated the record of his review by accessing the reports in the firm’s system, inputting “Reviewed” into the notes section, and selecting the “Reviewed” button, all without conducting any review.
Additionally, he allegedly falsified his examination of low-volume reports in the firm’s daily compliance checklist by entering his initials to deceitfully indicate that he had assessed the reports. The purpose of these alleged actions was to create a misleading impression for his firm that he was fulfilling his job responsibilities.
FINRA Investigation
![The American Regulatory Authority](https://reviewvideosagency.com/wp-content/uploads/2023/12/image-2023-12-26t143110489-658a95d0484e6-1024x510.webp)
On October 28, 2022, FINRA took a decisive step, initiating a preliminary determination to recommend disciplinary action against Jose Centeno for an alleged breach of FINRA Rule 2010.
900 Documents Manipulated
In the wake of a rigorous investigation, FINRA claims that between August 2017 and September 2021, Jose Centeno, a key member of the Canaccord Genuity trade compliance team, manipulated more than 900 firm documents. His purported objective was to deceive both supervisors and the firm itself, creating a facade that he diligently reviewed daily exception reports as assigned.
Conclusion
In conclusion, the allegations against Jose Luis Centeno, a broker formerly employed at Wedbush Securities Inc., are significant and involve serious misconduct. The Financial Industry Regulatory Authority (FINRA) is currently investigating Centeno for allegedly falsifying over 900 firm documents related to his responsibilities as a compliance officer. The accusations suggest that Centeno manipulated records to create a false impression of fulfilling his job duties, ultimately deceiving both supervisors and the firm itself.
Centeno’s employment history reveals a termination from Canaccord Genuity due to a “failure to fully perform assigned compliance reviews for a prolonged period.” Despite this termination, he is presently registered with FINRA through a different member firm, holding various securities industry registrations.
The ongoing investigation by FINRA centers around Centeno’s actions between August 2017 and September 2021 while he was a key member of the Canaccord Genuity trade compliance team. The alleged manipulation of documents raises serious concerns about the integrity of the compliance process within the firm.
As of October 28, 2022, FINRA has initiated a preliminary determination to recommend disciplinary action against Centeno for a suspected violation of FINRA Rule 2010. The outcome of this investigation will have significant implications for Centeno’s career in the securities industry, and depending on the findings, it may lead to disciplinary actions and sanctions.