What You Need to Know
- The ex-Wells Fargo rep had defrauded about 40 of his clients at the firm out of more than $450,000.
- He had pleaded guilty to one count of wire fraud before the sentencing.
- FINRA barred the ex-broker from associating with any FINRA member firms in 2018.
A former Wells Fargo broker has been sentenced to 27 months in prison for participating in a scheme that involved defrauding about 40 clients of more than $450,000, according to court documents.
Wells Fargo declined to comment on Monday.
Ramon Herrera, 37, of Jersey City, New Jersey, previously pleaded guilty to one count of wire fraud before U.S. District Judge Katharine S. Hayden. Hayden imposed the sentence on Thursday in U.S. District Court for the District of New Jersey in Newark.
In addition to the prison term, Hayden sentenced Herrera to three years of supervised release.
On Friday, acting U.S. Attorney Rachael A. Honig credited FBI agents, under the direction of Special Agent in Charge George M. Crouch Jr. in Newark, with the investigation leading to the sentencing.
Herrera was registered as a broker with Wells Fargo from 2012 to 2018, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website. It was the only FINRA firm he ever registered with as a broker.
After he failed to respond to a request for information, FINRA barred Herrera from associating with any FINRA member firms on April 11, 2018, which went into effect on July 16, 2018, according to BrokerCheck.