Pedro Ostia-Vega: Raymond James Advisor Suspended

A recent sanction against Oakville, Ontario financial advisor Pedro Ostia-Vega (CRD# 6181372) alleges that he falsified customer signatures. Financial Industry Regulatory Authority records show that he is registered as a broker with Raymond James.

A Letter of Acceptance, Waiver, and Consent (No. 2023078687101) describes FINRA’s disciplinary action against Mr. Ostia-Vega. Filed in November 2024, it describes allegations that between 2017 and 2022, he reused 14 customers’ signatures on 100 forms. According to FINRA’S findings, these forms included “including distribution requests, new account agreements, account transfer forms, and other required firm books and records.” While the transactions effected were authorized by his customers, the alleged falsification of forms violated FINRA rules. As the AWC Letter notes, it specifically violated FINRA Rule 2010, under which brokers must “observe high standards of commercial honor and just and equitable principles of trade.” By causing a firm to make and preserve inaccurate records, the falsification of firms also constitutes a violation of FINRA Rule 4511. FINRA consequently fined Mr. Ostia-Vega a total of $5,000 and suspended him for two months.

Raymond James’ website includes a profile of Mr. Ostia-Vega that describes him as as a Senior Associate Wealth Advisor at Portage Cross Border Wealth Management, a practice at the firm. “In his role at Portage Wealth, he focuses on supporting the team with a combination of operational expertise and attentive, personal communication in his conduct with clients,” it explains. “This includes managing the day-to-day operations of the team, overseeing all trading functions, conducting client portfolio reviews and implementing all investment strategies.”

According to the Financial Industry Regulatory Authority, Pedro Ostia-Vega holds seven years of securities industry experience. Based in Oakville, Ontario, he has been registered as a broker with Raymond James since 2017. His credentials include the passage of three securities industry qualifying exams: the the Securities Industry Essentials Examination, or SIE; the Canada Module of the General Securities Registered Representative Examination, or Series 37; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 35 state licenses. (Information current as of November 25, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation. (Information current as of November 25, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.