The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Debasish Hajra from the securities industry for 30 calendar days. Mr. Hajra consented to the suspension after FINRA alleged that, while associated with Wells Fargo Clearing Services, LLC in Marietta, GA, Mr. Hajra executed nine unauthorized trades with a total principal value of $526,966 in his deceased customer’s account. FINRA also fined Mr. Hajra $5,000.
Customers of Mr. Hajra or Wells Fargo who have suffered financial losses, or suspect that Mr. Hajra did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Wells Fargo.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019064919301
FINRA and Mr. Hajra entered into a Letter of Acceptance, Waiver, and Consent on August 20, 2021, after FINRA alleged that Mr. Hajra executed nine unauthorized trades with a total principal value of $526,966 in his deceased customer’s account in June and July 2018.
The customer, who was elderly, maintained an account at Wells Fargo with Mr. Hajra assigned as her broker. The account had been a non-discretionary account since it was opened in 2014. At least eight days prior to her death, the customer met with Mr. Hajra and authorized him to make several trades in her account, primarily in unit investment trusts and bonds. On June 8, 2018, the customer passed away, and Mr. Hajra had not effectuated any of the trades. On June 26, 2018, 18 days after the customer’s death, Mr. Hajra executed the first of the transactions. Between June 28, 2018, and July 18, 2018, Mr. Hajra executed the eight remaining trades. The total value of the transactions was $526,966.
As a result, Mr. Hajra violated FINRA Rule 2010.
Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.
Financial Advisor Debasish Hajra (CRD No. 2212337)
Debasish Hajra has 29 years of experience in the securities industry and has been associated with the following firms:
- Benjamin F. Edwards & Company, Inc. in Alpharetta, GA, from December 2019 to the present.
- Wells Fargo Clearing Services, LLC in Marietta, GA, from January 2008 to December 2019.
- G. Edwards & Sons, Inc. in Atlanta, GA, from April 2005 to January 2008.
- McLaughlin, Piven, Vogel Securities, Inc. in New York, NY, from April 1992 to March 2001.
In 2019, Mr. Hajra was discharged by Wells Fargo for allegedly effecting trades in a client’s account based upon prior written authorization while unaware that the client had died.
In 2001, Mr. Hajra was discharged by McLaughlin, Piven, Vogel Securities, Inc. for a violation of firm policy.
According to his public disclosure report with FINRA, Mr. Hajra has been the subject of at least one customer dispute, which included allegations of unauthorized trades.
FINRA’s BrokerCheck tool can be used to obtain Mr. Hajra’s complete and updated disclosure report.
Wells Fargo – A Duty to Supervise
Financial institutions like Wells Fargo must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have suffered investment losses with Debasish Harja or Wells Fargo or suspect other inappropriate activity occurred in your investment or retirement account, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential review of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.