id Santander’s Manuel Collazo Sell You Bad Puerto Rico Investments?
Investors continue to contest the sales practice violations of prior Santander Securities LLC securities broker Manuel Collazo (CRD#: 1563227, San Juan, Puerto Rico). Specifically, the Financial Industry Regulatory Authority (“FINRA”) reports that from January 2, 2018 to September 30, 2019, no less than eleven investors brought complaints or FINRA Arbitration actions about Collazo. These disputes suggest that Collazo made unreasonable and unsuitable sales of Puerto Rico investments. Here is more on some of the recent disclosures:
Santander Client Alleges Manuel Collazo Sold Unsuitable Puerto Rico Mutual Funds
Evidently, a client of Santander Securities brought FINRA Arbitration #: 19-02926 on September 27, 2019. First of all, the client alleged that Manuel Collazo sold Puerto Rico bonds funds which were not reasonable for the client because of the risks of the investments. Supposedly, Collazo over-concentrated the client’s account in these risky investments. Secondly, the client alleged that Collazo breached both a fiduciary duty and an investment agreement which governed the client’s investment affairs. Allegedly, the securities broker also made negligent recommendations or trades. Finally, the client suggested that Santander Securities violated securities laws and failed to supervise Collazo. For this reason, the client demanded up to $100,000 in compensation to resolve this pending matter.
Collazo Allegedly Misrepresents Risks Of Puerto Rico Bonds
Apparently, a second Santander Securities client brought suit about Manuel Collazo’s sales practices. Namely, in FINRA Arbitration #: 19-02640, filed August 29, 2019, the client alleged misrepresentation and omissions. That is to say, Collazo allegedly made false statements, omitted important information, or misled the client with respect to the risks of Puerto Rico bond funds. The securities broker potentially told the client that the investments were less risky than they really were. Also, Collazo allegedly failed to comply with his fiduciary responsibilities, and placed his interests ahead of the client’s interests. Because of this, the client asked for $1,000,000 – $5,000,000 in compensation. Evidently, this matter is ongoing.
Santander Securities Failed To Supervise Manuel Collazo’s Trading According To Client
A third client of Santander Securities brought FINRA Arbitration #: 19-02134 on July 31, 2019. The client claimed that Santander Securities failed to supervise Manuel Collazo’s trading or recommendations. Supposedly, Collazo’s investments in closed end funds for the client’s account was unsuitable. It appears that he failed to take into account the client’s goals, risk tolerance or financial circumstances when making recommendations or trades. Not only that, but Santander or Collazo purportedly persuaded the client not to make any changes after the client complained. The client also indicated that Collazo breached a fiduciary duty, an investment contract, and a duty of good faith and fair dealing. Therefore, the client demanded $355,000 in compensation. Apparently, this FINRA Arbitration claim is ongoing.
Client Indicates Santander, Collazo Acted Deceptively With Investments
Evidently, a fourth Santander Securities client came forward on May 28, 2019 to dispute Manuel Collazo’s sales practices. In FINRA Arbitration #: 19-01478, the Statement of Claim contains allegations of misrepresentations, omissions, unsuitability, breach of fiduciary duty, negligence, and violation of securities laws. Allegedly, the client’s losses were also caused by Santander or Collazo’s deceptive trading or investment recommendations. Because of this, the client alleged $4,500,000 in damages in this pending matter.
Did you incur losses by investing in Puerto Rico investments through prior Santander Securities broker and current Insigneo Securities broker, Manuel Collazo? If you have, reach out to Soreide Law Group at (888) 760-6552. Speak with experienced counsel about a possible recovery of your investment losses. The law firm represents clients on a contingency fee basis and advances all costs. Soreide Law Group has recovered millions of dollars for clients who have suffered losses due to misconduct of securities brokers and advisors.