Lina Garcia In Investor Dispute, SEC Action Over Alleged Cherry Picking

Investors might have sustained losses due to Lina Maria Garcia [CRD: 4447599, Miami, Florida], and SEC took legal action against the securities broker, according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Garcia worked for Insigneo Securities LLC from April 21, 2010, to September 9, 2021. Keep reading to learn more about Garcia’s disclosures and the allegations against her.

Insigneo Securities LLC Investor Accused Garcia Of Unsuitable Trading

An Insigneo Securities LLC client initiated FINRA Arbitration No. 23-00832 regarding Lina Garcia. The client claimed that Garcia recommended unsuitable investments and excessively concentrated their portfolio in speculative products. Supposedly, those investments did not align with the client's risk tolerance and financial goals. Additionally, the client accused Garcia of operating a cherry-picking scheme. As of April 17, 2023, the complaint remains unresolved.

Lina Garcia Sanctioned By United States Securities And Exchange Commission

SEC took regulatory action against Lina Garcia, as detailed in Case No. 3-21218, dated October 24, 2022. The SEC found that Garcia had neglected her oversight responsibilities during her employment at UCB Advisers. According to the findings, Garcia was involved in a cherry-picking scheme that lasted more than four years, where she allocated profitable trades worth over $4 million to two preferred accounts while assigning millions in losses to other advisory clients.

Notably, this scheme violated securities laws. The SEC's resolution included a suspension from association with any broker, dealer, or investment adviser for twelve months and imposed additional limitations on Garcia's activities, prohibiting her from holding any supervisory role in the financial services industry for three years.

Also, on January 1, 2023, a court issued a judgment in favor of SEC for $225,718 in compensatory damages and other specific sanctions. Civil Action No. 12345.

Did You Sustain Losses Because Of Securities Broker Lina Garcia?

Did you suffer losses because of Lina Garcia? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Garcia and brokerage firms she worked for deny accusations of sales practice violations.