Jaime Carvallo of Gladstone Group: Frauds Exposed (2023 Update)
Jaime Carvallo is a Senior Advisor for Mergers and Acquisitions at Gladstone Group. He claims to be focused on asset management, wealth management, and the broker-dealer market.
He also claims to focus on high-touch service for clients and understanding their ultimate goals. Yet, he never mentions being arrested and charged by felony criminal court for fraudulent crimes.
As a result, before considering working with him, go through the critical red flags mentioned in their disclosures.
What is Jaime Carvallo Trying to Hide?
Customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings, and some civil or criminal cases in which they were involved are examples of disclosures.
You should check FINRA BrokerCheck before working with any advisor. It is a database with all the professional information about financial advisors you require.
When you look up Jaime Carvallo on FINRA BrokerCheck, you’ll find that he made the signatures of his member firm’s employees and used their confidential personal information to create false online bidding accounts at auction houses their names to participate in auctions without their authorization.
Allegations Against Jaime Carvallo
According to the findings, Carvallo engaged in this behavior after the auction houses banned him from participating in auctions because he had previously failed to pay for or collect items won at auction.
As president and chief compliance officer (CCO), Jaime Carvallo had access to the Firm’s confidential personnel records. Carvallo impersonated current and previous company employees to avoid the auction houses’ bans and continue to bid in auctions as he liked.
Furthermore, Carvallo created fictitious email addresses, physical addresses, and dates of birth for each employee and electronically sent that fraudulent information to the auction houses to open the false accounts.
Jaime Carvallo allegedly created his phone bill to create a fictitious proof of address for one of the false accounts. Carvallo participated in the auctions during firm work hours, in the Firm’s office, using firm computer equipment.
Later, Carvallo was arrested and charged with felony criminal court.
He Put the Employee’s Life in Danger
Jaime Carvall violated the privacy and ethics of his Firm’s employees by taking advantage of their confidential personal information without their authorization. He acted as a former corporate employee. Also, he made up fake email addresses, physical addresses, and dates of birth for each employee to create fake online bidding accounts at auction houses.
Carvallo’s actions show an apparent disgust for the privacy and security of his colleagues’ personal information and an apparent willingness to use it for personal advantage without regard for consequences.
About Jaime Carvallo
Jaime Carvallo works as Gladstone Group’s Senior Advisor for Mergers & Acquisitions. He is in charge of advising asset and wealth managers and brokerage firms. Jaime previously worked at Incap Group as a Managing Director of Mergers & Acquisitions. Jaime is also a co-founder of Park Sutton Advisors, a boutique investment banking firm.
Jaime Carvallo received his Bachelor of Business Administration from the Universidad de Lima. He began his career in corporate banking as a Commercial Banking Credit Officer with Banco de Credito del Peru. Jaime was promoted to Senior Risk Analyst after several successful years managing a portfolio of $250 million in loans for Peru’s leading import/export enterprises.
About Gladstone Group
Gladstone is a full-service consulting firm with business advisors, investment bankers, and legal, tax, and finance experts on the team. The company claims to have assembled a team of professionals with 150 years of expertise in dealing with Financial Services companies.
The company also claims that its experts can interactively challenge your thinking on your current condition, business planning, and future ambitions to generate a precise roadmap specific to your Firm and circumstance, complete with actionable recommendations and times.
Conclusion
A senior advisor, Jaime Carvallo, has been charged with several fraudulent crimes in felony criminal court. According to the findings, Carvallo used his employees’ confidential personal information to open false online bidding accounts at auction houses. He also created fictitious email addresses, physical addresses, and dates of birth for each employee and electronically sent that fraudulent information to the auction houses to open the false accounts.
This dishonest practice raises warning lights, indicating that Jaime Carvallo’s claims of providing high-touch service to clients and understanding their ultimate goals are not genuine. The allegations filed against Jaime Carvallo serve as a warning always to be cautious and do research before hiring a financial advisor.
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