HECTOR MARTINEZ Sell You Puerto Rico Bonds?

HECTOR MARTINEZ Sell You Unsuitable Or Misrepresented Puerto Rico Investments?

The Financial Industry Regulatory Authority (“FINRA”) reports 15 client complaints associated with prior UBS Financial Services securities broker Hector Martinez (CRD#: 2533545, San Juan, Puerto Rico). Particularly, clients brought complaints or FINRA Arbitrations to contest Martinez’s sales practices. Here’s a summary of some of those disputes:

UBS Financial Services Clients File FINRA Arbitration Suggesting Martinez Gave Bad Advice

 
First of all, in FINRA Arbitration #: 19-00235, filed January 18, 2019, the clients alleged Hector Martinez gave bad advice about bonds and closed-end funds. Particularly, the clients took issue with Martinez’s recommendation of Puerto Rico government bonds and closed-end funds. Supposedly, those investments were not suitable. Not only that, but the clients suggested that Martinez over-concentrated investors’ funds in the risky investments. Also, Martinez allegedly misrepresented the investments by passing them off as low-risk and safe. According to the clients, Martinez did not tell them about liquidity risks or leverage when he recommended the investments. For losses clients incurred, they asked for $770,000 in compensation in this ongoing matter.

Investor Files FINRA Arbitration Suggesting Martinez Misrepresented Puerto Rico Investments

 
Secondly, a client of UBS Financial Services Inc. filed FINRA Arbitration #: 19-00240 on January 24, 2019. Supposedly, Martinez misrepresented the client’s Puerto Rico investments. This seemingly caused the client to agree to investments that the client would not have if provided accurate information. Plus, Martinez made poor investment recommendations about Puerto Rico investments, according to the client. Allegedly, Martinez asked the client to buy and hold Puerto Rico municipal bonds and closed-end bond funds which was inappropriate due to the client’s investor profile. For this reason, the client alleged $1,000,000 in damages. Currently, this matter is unresolved.

Settlements Reached With UBS Clients Who Brought Suitability And Misrepresentation Claims Because Of Hector Martinez’s Actions

 
Evidently, UBS Financial Services settled eight clients’ claims regarding Hector Martinez’s sales practices. Apparently, the brokerage firm agreed to pay more than $1,500,000 in damages to clients. Notably, those clients’ claims include allegations of unsuitability, misrepresentation, and over-concentration.

Suffered losses by investing with broker Hector Martinez? 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 firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.