SAN JUAN, Puerto Rico, July 10, 2019 (GLOBE NEWSWIRE) -- Lawyers with Shepherd, Smith, Edwards & Kantas, LLP (SSEK Law Firm) are investigating claims involving former Transamerica Financial Advisors broker, Pedro L. González-Seijo, who has been barred indefinitely from the securities industry and penny stock trading by the U.S. Securities and Exchange Commission (SEC). According to Investment News, in January 2019, González-Seijo pled guilty to one count of bank fraud stemming from a federal indictment alleging that he fraudulently obtained $583,000 from his clients’ variable annuity accounts through depositing client funds intended to be deposited into insurance accounts into his own account, making unauthorized withdrawals from his clients’ accounts, and transferring client funds into unauthorized products. “Financial markets are governed by rules that are supposed to protect investors. [González-Seijo], skilled at convincing individuals to place their trust in him, engaged in a scheme to defraud investors, and ultimately cost them thousands of dollars,” said U.S. Attorney Rosa Emilia Rodríguez-Vélez.
González-Seijo, based in San Juan, Puerto Rico, was a broker for over 25 years serving Puerto Rican residents. In addition to working for Transamerica Financial Advisors, he was also the President and owner of PGS Insurance, Inc. The U.S. Attorney’s Office of the District of Puerto Rico charged González-Seijo with eleven counts of securities fraud and bank fraud in August 2018. González-Seijo is still awaiting sentencing.
If you were a client of Pedro L. González-Seijo, his associates, or Transamerica Financial Advisors and suffered losses, please contact the law firm of Shepherd, Smith, Edwards & Kantas, LLP today for a free, confidential evaluation of your situation. We have a team of attorneys, consultants, and staff with over 100 years of combined experience in the securities industry and in securities law that are ready to assist you in recovering your investment losses today.