Miguel R. Correa Cestero (CRD#: 2765420, San Juan, Puerto Rico) has been a financial consultant of Popular Securities, LLC since July 28, 1997. Cestero’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile shows that when he was employed with Popular Securities, his activities served the basis of a customer filing FINRA Arbitration #18-03194. Cestero was alleged to have made “egregious” investment recommendations.
Specifically, the Popular Securities customer stated that Cestero advised the customer to buy and hold Puerto Rican securities, which was inappropriate given the customer’s risk tolerance. The customer claimed that Cestero’s conduct was especially inappropriate because of Puerto Rico’s struggling financial condition. As a result of Cestero’s alleged unsuitable government-debt recommendations, the customer requested $335,000.00 in damages. The arbitration is currently ongoing.
Ten Popular Securities customers, including the following, have come forward with claims of Cestero’s sales practice violations:
On May 15, 2018, a customer of Popular Securities brought FINRA Arbitration #18-01837. According to the customer, Cestero inappropriately recommended for the Puerto Rican closed-end funds and government-debt investments to be purchased and held in the customer’s investment account. The customer has demanded $5,652,111.42 in damages as a result of Cestero’s purported shoddy advice. Currently, the customer’s claim is pending a resolution.
A Popular Securities customer filed FINRA Arbitration #18-00547 on February 9, 2018. That customer claimed that Cestero gave the customer bad advice regarding government-debt investments. Cestero supposedly recommended for the customer to invest in securities that did not correlate to the customer’s risk tolerance. That customer also claimed that Cestero’s conduct was particularly bad because of the “well-known deteriorating financial condition” of Puerto Rico’s financial markets. A total of $3,991,556.59 in damages has been requested to resolve this issue, but the matter is still underway.
A customer of Popular Securities filed FINRA Arbitration #15-00380 on February 26, 2015. From the customer’s perspective, Cestero caused the customer’s account to be over-concentrated in speculative Puerto Rican bonds – investment that the customer claimed were unsuitable given the customer’s risk tolerance. In addition, it was alleged that Cestero misled the customer about both the liquidity and risks of closed-end funds and government-debt investments. Moreover, according to the customer, Cestero steered the customer into borrowing $300,000.00 via a margin loan despite having failed to inform he customer about risks inherent in using leverage. Popular Securities agreed to pay the customer $60,000.00 to settle the matter.
Investors who have incurred losses from Miguel R. Correa Cestero are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses. We represent clients on a contingency fee basis and advance all costs.
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