The Financial Industry Regulatory Authority (FINRA) reports allegations of sales practice violations by securities broker Francisco Javier Valenzuela [CRD #: 2786970, Tucson, AZ]. Valenzuela worked for Morgan Stanley from 2015-2018; (2) Merrill Lynch Pierce Fenner & Smith from 2010-2015; and (3) Chase Investment Services Corp from 2005-2010.
Evidently, a Morgan Stanley investor disputed Valenzuela’s sales practices. Additionally, the securities broker discloses a regulatory action resulting in sanctions against him. However, Valenzuela denies the allegations against him. Read on to learn more about Valenzuela’s disclosures.
Morgan Stanley / Merrill Lynch Pierce Fenner & Smith Client Accuses Francisco Valezuela Of Unsuitable Transactions
Evidently, a Morgan Stanley and Merrill Lynch Pierce Fenner & Smith client filed FINRA Arbitration #: 20-03591 about Francisco Valenzuela. Specifically, the client alleged that Valenzuela made unsuitable transactions. For this reason, the client purportedly sustained damages. Therefore, on May 26, 2022, the client was awarded $170,000 in damages.
FINRA Sanctions Francisco Valenzuela
Specifically, FINRA says that Valenzuela failed to disclose on his Form U4 a federal tax lien and refused to cooperate in a timely fashion with FINRA when it asked him to turn over documents and information concerning its investigation.
Specifically, on December 30, 2014, the IRS filed a federal tax lien against Valenzuela in the amount of $150,967. No later than April 20, 2015, Valenzuela became aware of the lien. Despite being aware of the lien, Valenzuela allegedly failed to update his Form U4 and disclose it. On May 11, 2018, June 5, 2018, and June 26, 2018, FINRA sent requests to Valenzuela for the production of documents and information concerning his tax lien. FINRA suspended Valenzuela from associating with any FINRA member firm on July 20, 2018, due to his failure to respond to those requests on time. Valenzuela eventually did respond but well after the deadlines set by FINRA. As a result, Valenzuela violated FINRA Rules 2010, 8210, 1122, and Article V, Section 2(c).
Chase Investment Services Corp. Client Accuses Valenzuela Of Misrepresentation
Also, on November 3, 2008, a Chase Investment Services Corp. client filed an investment-related complaint about Francisco Valenzuela. Specifically, the client alleged that Valenzuela made misrepresentations and unsuitable transactions. Because of this, the client claims that they sustained damages pertaining to investments in variable annuities. Therefore, the client requested compensation from Chase Investment Services Corp. or Valenzuela. However, the securities broker-dealer denied this complaint.
Evidently, a client of Chase Investment Services Corp. contested Francisco Valenzuela’s sales practices, according to a complaint. Supposedly, Valenzuela made misrepresentations. Allegedly, the mutual funds transactions connected to this securities broker caused the client to sustain damages. Therefore, Chase Investment Services Corp. opted to settle the matter on February 2, 2006, by compensating the client in the amount of $12,269.77.
Did Morgan Stanley / Merrill Lynch Securities Broker Valenzuela Cause You To Experience Damages?
Did you sustain damages through any sales practice violations by Francisco Valenzuela? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities lawyer regarding a potential recovery of your investment damages. Notably, Soreide Law Group has successfully recovered money for hundreds of investors in all 50 states. The firm represents clients on a contingency fee basis and advances all costs. Valenzuela and brokerage firms Valenzuela associated with deny any and all allegations of sales practice violations.
