February FINRA Cases of Note Now Online

February 19, 2010


Bill Singer's irreverent analyses of FINRA's monthly disciplinary reports is now online.  February was quite a crop!  For example, consider this biting commentary:

Rogelio A. Villa Jr.

AWC/2009019029201/February 2010

Villa obtained a deceased customer's credit card number during the course of assisting the customer's widow with her banking needs and, without authorization, charged approximately $3,800 to the customer's credit card account. Pretending to be the deceased customer, Villa contacted the credit card's customer service and requested that the address on the credit card be changed to his home address. Villa added himself as an authorized user on the credit card and requested that a new card be sent to his home address.

Rogelio A. Villa Jr. : Barred

Bill Singer's Comment

I'm sorry but is this guy a moron or what?  He steals the credit card number from a dead customer, changes the address of record from the deceased's to his own home, and then adds himself as an authorized user -- and, seriously, what is the brilliant game-plan here?  No one is going to eventually discover that some dead customer's card is still in use?  

Not to be too flip, but when Villa impersonated the deceased customer on the telephone, did he simply dial the credit card company's phone number and hold his breath? You know, if you were to ask him why he called and said nothing, would his answer be "Well, I was impersonating a dead guy so I didn't say anything because since the customer was dead I didn't want to give away the fact that I was alive."