ustomers Allege Bad Sales Practices By Merrill Lynch Broker JUAN BARRERAS
Juan Guillermo Herrans Barreras (CRD#: 1742910, Miami, Florida) is a financial advisor at Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”). Mainly, the advisor, who has been registered with the firm since June 21, 2010, has some alarming disclosures on his FINRA BrokerCheck Report. Specifically, four customers filed disputes in regard to Juan Barreras’ sales practices. Here is a breakdown of those disputes:
January 15, 2019 Arbitration Involving Juan Barreras, Unsuitable Recommendations
On January 15, 2019, a customer of Merrill Lynch disputed Juan Barreras’ sales practices by bringing FINRA Arbitration #19-00192. Allegedly, Juan Barreras made bad investment recommendations particularly concerning mutual funds the customer ultimately purchased. Not only that, but Barreras allegedly made misleading or false statements about those mutual fund investments. Because of this, the customer supposedly incurred investment losses and now seeks $600,000.00 in compensation. However, Barreras denies the customer’s allegations in this pending matter.
August 29, 2016 Alleging Concerning Juan Barreras’ Omissions, Misrepresentation
A Merrill Lynch customer filed a FINRA Arbitration #16-02517 on August 25, 2016 in regard to Juan Barreras’ sales practices. Allegedly, Barreras omitted and misrepresented critical information about the municipal debt products the customer purchased and held. Secondly, the customer claimed that Barreras made unreasonable and inappropriate investment recommendations. As a result of the alleged misrepresentation, omissions, and unsuitable advice, Merrill Lynch opted to pay the customer $125,000.00 in damages. Accordingly, this matter settled February 21, 2018.
May 7, 2015 Arbitration Pertaining To Juan Barreras’ Bad Investment Advice
Additionally, Juan Barreras reported through FINRA BrokerCheck that FINRA Arbitration #15-01060 was filed by a customer of Merrill Lynch on May 7, 2015. Mainly, this matter concerned allegations of Barreras’ omissions and misrepresentations relating to the customer’s municipal debt investments. Additionally, the customer contended that between December 2011 and February 2015, Barreras poorly advised the customer about investments. Consequently, Merrill Lynch chose to settle this matter by paying the customer $250,000.00 in damages.
April 9, 2015 Arbitration Concerning Unsuitable Closed End Funds, Municipal Debt Investments
Customers of both Merrill Lynch and UBS Financial Services Inc. (Juan Barreras’ employer from September 11, 1997 to June 22, 2010) filed FINRA Arbitration #14-03656 on April 9, 2015 in regard to Barreras’ bad sales practices. Allegedly, Barreras gave bad investment advice to the customers about closed end funds and municipal debt investments. Not only that, but the customers claimed that Barreras omitted “material facts” concerning those investments. Evidently, the firms collectively settled the customers’ claim by paying them $55,000.00.
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