NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Ruben Velez
AWC/2010025242801

Velez converted funds from two of his member firm’s customers. In the first instance, Velez signed the customer’s name on a withdrawal ticket in order to withdraw funds from the account. In the second instance, Velez received a check from a customer intended to initially fund an IRA account; instead of using the check for its intended purpose, Velez cashed the check for his own personal use. In both instances, Velez did not have permission or authority from the customers or his firm to misappropriate the customer funds.  Also, the transactions did not involve funds from an account held at a FINRA

Ruben Velez: Barred