Losses From Jason Figueroa?

Soreide Law Group is evaluating possible investor claims against GMS Group securities broker Jason Figueroa (CRD#: 5062799, Boca Raton, Florida). Apparently, Figueroa, who worked for GMS Group from 2006 to 2015, discloses three disputes following FINRA’s imposition of a permanent bar against him. It appears from those disputes that Figueroa may have breached fiduciary duties to clients and sold them unsuitable investments. Read on for a summary of the latest allegations against Figueroa:

GMS Group Client’s FINRA Arbitration Claim Alleges Jason Figueroa Breached Fiduciary Duty

Evidently, a client of GMS Group filed FINRA Arbitration #: 18-02748 on August 13, 2018. Supposedly, Figueroa breached a fiduciary duty to the client, and made recommendations without the client’s best interest in mind. Allegedly, Figueroa also negligently invested the client’s assets in municipal debt products. Moreover, the client alleged that Figueroa misrepresented municipal debts which the client purchased and later suffered losses from.  For this reason, the client demanded $1,000,000 in damages in this pending matter.

Client Files Dispute Indicating That Figueroa Misrepresented Bonds

GMS Group reports that a second client took issue with Figueroa’s sales practices on May 2, 2016. The client contended in the complaint that Figueroa misrepresented Puerto Rico Highway, Transportation and Infrastructure bonds. It appears that the client purchased those investments because of Figueroa’s purportedly misleading claims. Although the client asked for $85,267 because of the alleged misrepresentation, GMS Group denied the claim July 14, 2016.

GMS Client Brings Arbitration Claim Suggesting Jason Figueroa Sold Unsuitable Investments

A third GMS Group client contested Figueroa’s sales practice through bringing FINRA Arbitration #: 15-03075. Allegedly, Figueroa negligently traded municipal debt and ETF investments. Similar to the aforementioned client dispute, this client indicated that Figueroa failed to comply with his fiduciary responsibility to the client. Also, the client indicated that Figueroa failed to meet the terms of an investment agreement. Apparently, GMS Group opted to settle this matter in 2016 by paying the client $350,000.

FINRA Bars Figueroa For Making Unsuitable Trades

Evidently, Figueroa executed a Letter of Acceptance, Waiver and Consent to resolve FINRA’s allegations of him making non-traditional ETF recommendations to GMS Group clients in violation of FINRA rules. Supposedly, Figueroa used a complex investment strategy for inexperienced retirees who did not understand what Figueroa was doing with their money. Allegedly, Figueroa used leverage in the clients’ accounts which caused them to assume much more risk than they agreed to. FINRA says Figueroa failed to perform due diligence on the non-traditional ETF risks, in effect overlooking the inappropriateness of those investments being held for more than a trading day. The AWC additionally indicated that Figueroa exercised discretion improperly in client accounts and concealed this when completing GMS Group’s compliance questionnaire. FINRA has barred Figueroa in all capacities.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with GMS Group broker Jason Figueroa? 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.