The Financial Industry Regulatory Authority (FINRA) contains new information regarding securities broker Rafael Alberto Gonzalez (CRD#: 2096117, Coral Gables, Florida). It appears that Gonzalez worked for securities firms UBS Financial Services and Santander Securities before joining Morgan Stanley. Evidently, he is both a financial advisor and securities broker. The following information concerns recent disputes in which investors allege sales practice violations. Let’s take a closer look at these disputes, keeping in mind that Gonzalez denies all allegations against him.
Evidently, a client of UBS Financial Services lodged a FINRA Arbitration Claim in January 2020 about Rafael Gonzalez. Supposedly, Gonzalez had the client invest in unsuitable investments, including Puerto Rico Closed-End Bond Funds and Puerto Rico Government Bonds. Supposedly, these investments were unsuitable. Basically, suitability relates to an investor's risk tolerance, investment objectives, and other important information concerning the investor, which affects whether the advisor's recommendations are appropriate. Supposedly, Gonzalez caused an overconcentration in the client’s account. Additionally, the client alleges misrepresentation of risks regarding concentration. It appears that UBS Financial Services resolved this matter by making a $150,000 payment to the client in January 2021.
Also, a client of UBS Financial Services disputed Rafael Gonzalez’s sales practices. Apparently, the customer brought a FINRA Arbitration Claim in November 2019. Namely, the client alleged unsuitable trading regarding Puerto Rico CEFs and securities. Supposedly, the securities broker’s misrepresentations regarding these investments resulted in the client believing that they were safe. Also, this client alleges overconcentration of their account in the securities that led to losses. Because of this, the client asks for $250,000 in compensation to resolve this matter, which is ongoing at this time.
Moreover, a Santander Securities LLC took issue with Rafael Gonzalez's trading, as the July 2019 FINRA Arbitration Claim alleges negligence in connection with municipal debt and closed-end fund transactions. Allegedly, the securities broker caused damages through a breach of fiduciary duty. The Statement of Claim alleges overconcentration, unsuitability, failure to supervise, negligent supervision, and breach of contract. It seems that in November 2020, Santander Securities agreed to settle this matter through providing $85,000 in compensation to the client.
Evidently, a fourth investor dispute on BrokerCheck concerns Rafael Gonzalez's actions with regard to Puerto Rico municipal bonds and open-end funds. Specifically, the May 2019 FINRA Arbitration Claim alleges FINRA rule violations and securities law violations relating to Gonzalez’s trading or recommendations. Notably, this investor alleges misrepresentations, breach of fiduciary duty, and a breach of contract in connection with their mutual funds and municipal bonds holdings at Santander Securities. The client contends that Santander Securities did not reasonably supervise Gonzalez. It appears that Santander Securities, without admitting liability, opted to resolve this matter by paying the client $750,000 in damages.
Most of the former disputes concerning securities broker Rafael Gonzalez involve allegations of losses relating to Puerto Rico securities.
Did securities broker Rafael Gonzalez cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Gonzalez denies all allegations of his sales practice violations.
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