The Financial industry Regulatory Authority (“FINRA”) reports myriad investors disputing the sales practices of former Santander Securities LLC broker Jaime Echandi (aka “Jaime Santiago”) (CRD#: 2464033, Guaynabo Puerto Rico). Specifically, his BrokerCheck report shows that 23 investors complained since 2014, with most disputes filed between 2017 and 2019. Here is a breakdown of the claims which suggest that Echandi sold unsuitable and misrepresented Puerto Rico municipal bonds and Puerto Rico bond funds.
Santander Securities Client Alleges Jaime Echandi Sold Unsuitable Puerto Rico Bonds
A client of Santander Securities contested Jaime Echandi’s sales practices through filing FINRA Arbitration #: 19-02235 on September 4, 2019. First of all, the client suggested that Echandi sold unsuitable investments. Supposedly, Echandi failed to take into account the client’s risk tolerance when recommending Puerto Rico bonds and bond funds. Allegedly, Echandi overconcentrated the client’s assets in these risky and poorly performing investments. In addition, the client suggested that Echandi breached a contract and a fiduciary duty to the client. It seems according to this client that Echandi’s actions were negligent at a minimum, and Santander failed to supervise him. For this reason, the client demanded $875,000 in losses. Evidently, this matter is pending a resolution.
Echandi Allegedly Makes Negligent Recommendations Or Sales Of Peurto Rico Investments
Apparently, a second client took aim at Jaime Echandi by filing FINRA Arbitration #: 19-01977 on July 17, 2019. Allegedly, Echandi’s recommendations or sales to this client were negligent and possibly deceptive. It seems that Echandi had no business placing the client in risky Puerto Rico bonds, and the broker might have overlooked the risks. In addition, the client asserted that Santander violated securities laws and did not monitor Echandi’s activities. The Statement of Claim also contains allegations of unsuitability, breach of contract and breach of fiduciary duty. Because of this, the client seeks $170,000 in compensation in this ongoing matter.
Santander Client Suggests Jaime Echandi Breached Fiduciary Duty, Misrepresented Investments
Evidently, on March 18, 2019, a third Santander client came forward to dispute Jaime Echandi’s sales practices. Specifically, the client claimed in FINRA Arbitration #: 19-00742 that Echandi failed to comply with his fiduciary responsibility to the client. It is possible that Echandi did not take the client’s best interests into consideration when making recommendations or trades. Not only that, but the client indicated that Echandi falsified information or somehow misled the client about the risks of Puerto Rico closed end funds and municipal bonds. Apparently, the client asked for more than $1,000,000 in compensation in this ongoing matter.
Santander Settles Client Dispute About Echandi For $1,150,000
Evidently, Santander Securities settled several disputes about Echandi by making payments to aggrieved clients. For example, a client of Santander Securities filed FINRA Arbitration #: 18-01313. Evidently, the Statement of Claim contains allegations including over concentration, breach of contract, suitability, breach of responsibilities and duties, and failed supervision. Eventually, Santander Securities opted to settle the matter through a payment of $1,150,000 to the client on February 25, 2019.
Did Jaime Santiago Sell You Bad Puerto Rico Investments?
Suffered losses on Puerto Rico bonds and funds because of Echandi, who worked for Santander Securities from 2009 to 2018 and who now works for First Southern? 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.