Former Transamerica Broker Roy Gaytan Sanctioned for Discretionary Trading Violations

Attorney Advising Disclaimer

FINRA fined and suspended former Transamerica Financial Advisors (Thousand Oaks, CA) rep Roy Aurelio Gaytan for discretionary trading violations that took place in 2016 and 2017 in which he allegedly recommended a customer open a discretionary account away from the firm, resulting in losses. Investigators also cited Gaytan for failing to timely provide requested information in response to a FINRA request.

AWC #2017054506902

The findings state that Gaytan (CRD #5498239) recommended a customer establish a self-directed account with another FINRA member firm, identified only as "ET," and then executed trades using discretion in this account held at the third-party firm, using the customer's login credentials. The investigation states that the customer subsequently suffered losses, upon which this client complained to Transamerica Financial Advisors, which discharged Gaytan in June 2017 for engaging in discretionary trading without permission from the firm to do so.

FINRA initially suspended Gaytan in October 2017 for failing to respond to a request for information. Gaytan ultimately replied to FINRA in January 2018, nearly four months after the deadline.

Transamerica reported that Gaytan admitted to directing a customer to open an account away from the firm, and subsequently exercising discretion in that account, all without permission from Transamerica to do so.

FINRA's report found that Gaytan failed to disclose both this discretionary power and the third-party account to Transamerica.

According to his file, Gaytan was associated with World Group Securities' Agoura Hills branch prior to joining Transamerica of Thousand Oaks in 2012, where he remained until his 2017 termination. Gaytan's file also indicate two bankruptcy disclosures in Los Angeles (Chapter 7, 2011) and Woodland Hills (Chapter 13, 2012).

If you have invested with Roy Aurelio Gaytan or with any broker or financial adviser who recommended you open an account away from and without the permission, knowledge, or consent of your firm, making this account discretionary, or who has otherwise abused discretion by effecting unsuitable or financially harmful transactions that have resulted in losses or other damages, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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