ustomers Allege Unsuitability Against Santander Securities, Roberto Feria Cestero
Roberto Feria Cestero (CRD#: 3266245, Hato Rey, Puerto Rico) is a prior Santander Securities LLC securities broker. He worked at the dually-registered brokerage firm and investment adviser firm from July 14, 2006 to October 14, 2016. Evidently, many investors have disputed Cestero’s sales practices.
Specifically, the Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report for Cestero shows that on June 12, 2018, a Santander Securities LLC customer filed FINRA Arbitration #18-02132. Although Cestero was not named as a respondent in the matter, the claim appears to have concerned Cestero’s sales practices. Specifically, the customer’s causes of action include unsuitability, over-concentration, negligent misrepresentation, violation of securities laws, negligence, breach of fiduciary duty, violation of FINRA rules, breach of contract, and supervisory failures. Apparently, the dispute concerns the customer’s investments in closed-end funds and municipal-debt products, including Puerto Rico bonds. Because of the alleged sales practice violations, the customer requested $600,000.00 in damages. This mater is still under review.
Customers of Santander Securities, Herbert J. Sims & Co, Inc. (Cestero’s current employer as of October 14, 2016), and UBS Painewebber Inc. have brought customer initiated, investment related disputes. A summary of those investment disputes follows:
October 24, 2018 Arbitration Involving Roberto Feria Cestero
A customer of Santander Securities LLC complained about Cestero’s conduct in FINRA Arbitration #18-03512, filed on October 19, 2018. Namely, the customer contended that it was unreasonable for Cestero to have recommended that the customer buy and hold Puerto Rico Securities. According to the customer, Cestero did not take into account the customer’s risk tolerance when making recommendations. Cestero’s conduct was egregious given the deteriorating condition of Puerto Rico’s economy, the customer alleged. Because of this, the customer seeks compensatory damages.
April 29, 2018 Complaint Concerning Roberto Feria Cestero
A Herbert J. Sims & Co., Inc. customer disputed Cestero’s sales practices by filing a complaint on April 29, 2018. Allegedly, Cestero made trades in the customer’s account but did not have the customer’s permission. Because of Cestero’s alleged unauthorized trading, the customer apparently suffered more than $100,000.00 in damages. While the customer’s claims of Cestero’s unauthorized trading may hold true, the claim is unresolved.
October 24, 2017 Arbitration Involving Roberto Feria Cestero
A Santander Securities LLC customer filed a FINRA Arbitration #17-02846 on October 24, 2017. This customer claimed that Santander Securities LLC or Cestero committed fraud and sold the customer unsuitable closed-end funds, mutual funds and municipal-debt investments. Allegedly, Cestero over-concentrated the customer’s money in speculative investments, causing the customer to incur investment losses. As a result, the customer demanded $359,450.78 in damages. This Arbitration is pending a resolution.
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