MARIONDY FERNANDEZ Sell You Bad Bonds?

The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations against prior Santander Securities broker Mariondy Fernandez (CRD#: 2391134, Dorchester, Massachusetts). Namely, the securities broker, who worked for Santander Securities from 2005 to 2016, discloses that 32 clients took issue with his sales practices. Here’s a summary of some recent claims involving  Mariondy Fernandez:

Santander Client Files FINRA Arbitration Suggesting Mariondy Fernandez Sold Unsuitable Investments

A client of Santander Securities brought FINRA Arbitration #: 19-01373 on May 15, 2019 in regard to Mariondy Fernandez’s trading. Supposedly, Fernandez made unsuitable trades involving Puerto Rico closed end funds and Puerto Rico bonds. Not only that, but the client indicated that Fernandez over-concentrated the client’s assets in the Puerto Rico securities. Allegedly, Fernandez breached a fiduciary duty and engaged in negligent behavior. Also, Santander Securities allegedly failed to supervise Fernandez. For this reason, the client alleged up to $5,000,000 in damages in this ongoing matter.

Client Of Santander Files FINRA Arbitration Indicating Fernandez Breached Fiduciary Duty

A Santander Securities client filed FINRA Arbitration #: 19-01105 on April 23, 2019. First of all, the client indicated that Santander, through Mariondy Fernandez’s actions, violated securities laws by selling the client Puerto Rico funds and bonds. Supposedly, Fernandez placed his interest before the client’s, breaching his fiduciary responsibility. Apparently, Fernandez also negligently and unsuitably invested the client’s assets in municipal debt and closed end funds. Because of this, the Santander client seeks compensatory relief of up to $1,000,000. This matter awaits a resolution.

Did Mariondy Fernandez Over-Concentrate Your Account In Puerto Rico Investments?

12 disputes about Fernandez settled through payments to clients. 2 disputes closed without resolution, while the remaining 18 are ongoing. Nearly all claims concern client losses on Puerto Rico investments from the Puerto Rico economy experiencing substantial volatility. Did Mariondy Fernandez cause you losses? If so, contact Soreide Law Group at (888) 760-6552. Speak with experienced counsel about a potential recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.