Santander Securities Clients File Investment Disputes About Luis Lopez
The Financial Industry Regulatory Authority (FINRA) contains troubling information on securities broker Luis Currais Lopez (CRD#: 856211, Dorchester, Massachusetts). The securities broker, who worked for Santander Securities (2010 to 2016) and Herbert J. Sims (2016 to present), is involved in 12 investor disputes. These disputes allege that Lopez committed sales practice violations including breaching a fiduciary duty and making unsuitable transactions. Here’s more.
Santander Securities Client Alleges Breach Of Fiduciary Duty In Dispute About Luis Lopez
Evidently, a Santander Securities client disputed Luis Lopez’s sales practices according to a FINRA Arbitration Claim in December 2019. First of all, the client alleged overconcentration, breach of fiduciary duty, and breach of suitability duty. Secondly, the client alleges that Santander Securities failed to supervise the securities broker. Thirdly, Lopez allegedly misrepresented information in regard to bond transactions. Supposedly, the client invested in Puerto Rico municipal bonds because of Lopez and experienced losses as a result. For this reason, the client received $90,000 from Santander Securities via a January 2021 settlement.
Santander Securities Client Alleges Misrepresentation By Luis Lopez
It appears that Luis Lopez is targeted in a Santander Securities client’s September 2019 FINRA Arbitration Claim. Specifically, the client alleged that Lopez misrepresented and omitted facts concerning Puerto Rico closed-end funds. Not only that, but Lopez supposedly acted in violation of securities laws and in breach of his fiduciary responsibility to the client. This lawsuit also alleges that the securities firm failed to supervise Lopez which resulted in the client’s losses. For this reason, Santander Securities opted to pay the client $50,000 to settle the matter in December 2020.
Client’s Dispute Alleges Negligence By Santander Securities Broker
Further, a client of Santander Securities took aim at Luis Lopez in a May 2019 lawsuit. Specifically, the client alleged negligence in regard to their investments in Puerto Rico closed end funds and Puerto Rico bonds. Also, Lopez purportedly breached a fiduciary duty and breached a contract. It appears that the client incurred losses when Puerco Rico’s economy went through extreme volatility. Ultimately, the client obtained a $25,000 payment from Santander Securities in an August 2020 settlement.
Lopez Allegedly Makes Unsuitable Trades In Santander Securities Client’s Account
BrokerCheck reports that in October 2018, a second Santander Securities client came forward with a dispute about Luis Lopez. Allegedly, Lopez overconcentrated the client’s account in Puerto Rico mutual funds. Secondly, the client contended that Lopez breached his fiduciary responsibility to the client and potentially violated securities laws. The client’s dispute also contains allegations of negligence and unsuitability. Allegedly, the securities broker caused the client to experience losses. All told, the client received $12,000 in a December 2019 settlement.
Did You Experience Losses Because Of Broker Luis Lopez?
Evidently, Luis Lopez denies accusations that he committed sales practice violations. Did you sustain losses by investing with him? If you have, feel free to call Soreide Law Group at (888) 760-6552. Speak with experienced counsel concerning a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions for clients who have experienced losses because of their securities brokers and financial advisors.