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National investment fraud lawyers KlaymanToskes is investigating James Alan Seijas, who is a former New Jersey Wells Fargo Clearing Services, LLC (“Wells Fargo”) broker, in light of his involvement in the alleged Q3 Trading Club (“Q3 Trading Ponzi investigation”) cryptocurrency Ponzi scheme. The Financial Industry Regulatory Authority (“FINRA”) barred Seijas in November 2021 for failing to appear for on-the-record testimony in its investigation concerning allegations disclosed in a lawsuit that he misrepresented investments as part of a Ponzi scheme.
Investors are suing Wells Fargo claiming that the firm is vicariously liable for Seijas’s conduct in the Q3 Ponzi scheme. From August 2017 to December 2019, Seijas and his two business partners solicited approximately $35MM from over 100 individuals to invest in Q3, a cryptocurrency trading entity which purportedly employed a proprietary algorithm. Seijas allegedly told investors that Q3’s trading was consistently profitable, monthly returns were 15%, and its trading algorithms were right about 75% of the time. However, less than $10MM was invested in cryptocurrencies, and over half of investors’ funds were transferred to the perpetrators’ personal bank accounts to finance luxury purchases, including a $3.6MM home purchase by Seijas in Delray Beach, Florida.
According to securities attorney Lawrence L. Klayman, Esq. “Brokerage firms like Wells Fargo have a duty to monitor their registered representatives’ outside business activities. The firm’s potential failure to supervise may be a cause of action in a FINRA securities arbitration claim.”
The sole purpose of this release is to investigate potential FINRA arbitration claims relating to Wells Fargo’s supervision of Seijas and the Q3 Ponzi scheme. Investors in the Q3 Ponzi scheme with losses exceeding $250,000, and those who have information relating to the manner in which the cryptocurrency scheme operated, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
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KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KlaymanToskes has recovered more than $225 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.