NGEL AQUINO-VELEZ Losses?
The Financial Industry Regulatory Authority (FINRA) reports troubling allegations of sales practice violations being committed by Morgan Stanley securities broker Angel Aquino-Velez (CRD#: 2687333, Miami, Florida). Namely, Aquino-Velez, who Morgan Stanley employed from 2010 to 2017, discloses a shocking 26 client disputes. These disputes suggest that Aquino-Velez made unsuitable Puerto Rico bonds trades, among other things. Supposedly, Aquino-Velez caused losses in clients’ accounts. Here’s more on the allegations against Aquino-Velez:
Morgan Stanley Clients Indicate Angel Aquino-Velez Sold Unsuitable Bonds
Evidently, on July 31, 2019, a client of Morgan Stanley disputed Angel Aquino-Velez’s sales practices through bringing FINRA Arbitration #: 19-02135. Mainly, the client suggested that Aquino-Velez engaged in the unsuitable trading of Puerto Rico bonds. Supposedly, Aquino-Velez should not have invested the client’s funds in Puerto Rico investments because of the bonds’ high risk. The client alleged $140,000 in damages in this pending matter.
Other recent claims contain similar allegations of Angel Aquino-Velez’s unsuitable trading. Notably, on November 21, 2018, Morgan Stanley Smith Barney clients brought FINRA Arbitration #:18-03973. This matter mainly concerned Aquino-Velez’s Puerto Rico bond recommendations or trades. Supposedly, Aquino-Velez gave bad advice about the Puerto Rico bonds. Clients indicate that he recommended an unsuitable and reckless concentration in Puerto Rico closed end funds from 2010 to 2017. Allegedly, Aquino-Velez lacked a reasonable basis to believe investments were suitable in consideration of the clients’ risk tolerance or circumstances. Evidently, those clients seek $25,000,000 in compensatory relief in this pending matter.
Client Of Morgan Stanley Alleges That Aquino-Velez Gave Bad Advice About Puerto Rico Bonds
Morgan Stanley clients took issue with Angel Aquino-Velez’s sales practices when bringing FINRA Arbitration #: 17-01908. The Statement of Claim contains numerous causes of action against Morgan Stanley including violation of Securities Exchange Act, SEC Rules, Florida Securities and Investor Protection Act and Puerto Rico Uniform Securities Act. Apparently, this claim relates to Aquino-Velez allegedly trading closed end bond funds and Puerto Rico bonds while also effectuating a securities backed loan. Not only that, but the client alleged that Morgan Stanley acted deceptively towards the client and breached both a contract and a fiduciary duty.
The Arbitrators found in favor of the client. Accordingly, the Panel ordered Morgan Stanley to pay compensatory damages equal to $261,420.63. Also, the Panel ordered Morgan Stanley to pay a monetary sanction of $3,000,000 for disrupting or stalling the proceedings.
Most other claims against or concerning Angel Aquino-Velez involve Puerto Rico investments and include allegations that Aquino-Velez misrepresented or omitted risks or other facts about them.
Did You Suffer Losses From Angel Aquino-Velez?
Experienced Puerto Rico investment losses from Morgan Stanley securities broker Angel Aquino-Velez? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.