FINRA Sales Practice Violations

Current Puerto Rico Brokerage Firm
Investigations for FINRA
Sales Practice Violations

Klayman & Toskes, P.A. and the Carlo Law Offices are currently investigating possible violations of Financial Regulatory Industry Authority (FINRA) rules and regulations that may have resulted in their clients’ investment losses in non-traded, closed-end Puerto Rico Bond Funds and Puerto Rico Municipal Bonds. The investigation on behalf of their clients involves possible sales practice violations by UBS Financial Services of Puerto Rico, Santander Securities, Popular Securities, Oriental Financial and Merrill Lynch (“brokerage firms”) and its financial advisors which may give rise to a FINRA arbitration claim for damages. Alleged FINRA sales practice violations that can result in Puerto Rico investors’ claims for damages including, but not limited to, the following:

Unsuitable Investment Advice Bank Loans and Margin Calls
Misrepresentations and Omission of Material Facts Concentration in Puerto Rico Bonds
Excessive Markups/Markdowns Municipal Bonds Conflicts of Interest
Breach of Fiduciary Duty Failure to Supervise

Check Your Broker’s FINRA Disclosures

In the interests of investor protection, the Financial Industry Regulatory Authority (FINRA) has established an internet portal for investors to check public information about “the professional backgrounds of current and former FINRA-registered brokerage firms and brokers.” This includes those financial advisors who are registered with investment adviser firms.

The intention of FINRA was to provide this information to help investors to decide whether they should enter into relationships with a particular brokerage firm and/or financial advisor, or continue to maintain an existing relationship based on current disclosure available on the FINRA Broker Check website.

According to the FINRA Broker Check website the information is derived from the Central Registration Depository (CRD®), the securities industry online registration and licensing database. The information is obtained through forms that brokers, brokerage firms and regulators complete as part of the securities industry registration and licensing process. The latest disclosures contain information on current and former Puerto Rico FINRA-registered brokers and FINRA-registered brokerage firms.

To learn more about Puerto Rico brokerage firms and its financial advisors or to learn about any public information about a brokerage firm and/or financial advisor on the FINRA Website for:

  • Employment History;
  • Securities Licenses Held;
  • State Licensed to Conduct Business;
  • Bankruptcies and Credit Problems;
  • Outside Business Activities;
  • Regulatory Actions; and
  • Customer Complaints.

Klayman & Toskes, PA and the Carlo Law Offices are currently investigating possible FINRA Sales Practice Rule Violations against Puerto Rico brokerage firms and the following financial advisors, who may or may not be currently registered with the following firms:

UBS Financial Services of Puerto Rico

Ramon “Cholo” Manuel Almonte Miguel Antonio Ferrer
Javier A. Lopez Jose M. Del Valle
Victor Tomassini Alexandra Marie Amador
Fernando L. Castillo Rivera Eduardo Gonzalez
David Jose Lugo Nelson T. Rodriguez Fernandez
Luis F. Garcia Cary Alsina Viera
Gustavo Miguel Mattei Zapata Jose Gabriel Ramirez Jr.

Santander Securities

Alexandra Calderon Arturo Colon, Jr.
Eduardo J. Pou Monagas Hortensia Llavat
Juan J. Maldonado

Popular Securities

Oscar Rafael Mesorana Colon Vanessa L. Perez Fernandez
Jose R. Jaunarena Hipolito Claudio Rosario
Ian M. Deliz Morales Jose R. Martinez Esteves

Oriental Financial

Guillermo Santiago Ruben C. Fernandez
Dennis Domingo Cummings Perez Richard Lee Prann

Merrill Lynch

Garland A. Rodriguez

Miguel Antonio Ferrer UBS Audio Tape


Get in touch with us


Visit our Website for the Recovery of UBS Puerto Rico Bond Fund Losses

For more information on how to start a claim, or to find out if you have a meritorious cause of action, please contact our law firm, toll free, at (787) 268-6444, for a free consultation.


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