WILLIE VALES Allegedly Sold Unsuitable Investments

The Financial Industry Regulatory Authority (“FINRA”) confirms on BrokerCheck that investors have disputed the sales practices of Santander Securities LLC securities broker Willie Vales (CRD#: 2166601, Conshohocken, Pennsylvania). Namely, at least three clients of Santander Securities LLC, who Vales worked for from 2014 to 2016, filed disputes which suggest Vales could have, among other things, caused investor losses by negligently and unsuitably trading clients’ assets, misrepresenting information about investments, engaged in fraudulent activities, and violated securities laws. Here is a summary of the claims brought against Willie Vales:

February 27, 2018 Arbitration Suggesting Willie Vales Engaged In Fraudulent Activities

 

A client of Santander Securities LLC brought FINRA Arbitration #: 18-00747 on February 27, 2018 in regard to Willie Vales’ sales practices. Primarily, the client claimed that Vales sold or purchased unsuitable investments including mutual funds and non-traditional ETFs. Next, the client contended that Vales engaged in fraudulent activities in regard to the client’s account. Allegedly, Vales was deceptive and misleading when dealing with the customer. Not only that, but the client alleged that Vales breached a fiduciary duty and an investment agreement, causing the client losses. The client alleged that Vales violated PA Unfair Trade Practices and Consumer Protection Law in addition to other securities laws. Because of this, on March 6, 2019, Santander Securities agreed to pay the client $100,000 to settle the matter.

February 27, 2017 Arbitration Alleging Vales Misrepresented ETFs

 

Santander Securities LLC reports that another client filed FINRA Arbitration #: 17-00471 because of Willie Vales’ alleged sales practice violations. Namely, the client stated that Vales misrepresented information about exchange traded funds (“ETFs”). Vales allegedly failed to tell the client all important information about the investments as well. Supposedly, Vales also overconcentrated the client’s money in ETFs which overexposed the client to losses. Additionally, Vales violated his fiduciary responsibility to the client, failing to act in the client’s best interests. The client further claims Santander Securities is responsible because it did not reasonably supervise Vales. Indeed, the client suggests Santander Securities LLC was negligent by hiring Vales. All things considered, Santander Securities acquiesced to paying the client $56,469 in compensatory damages to settle the matter.

Santander Securities Alleges Willie Vales Breached A Contract, Sold Away

 

FINRA Arbitration #:16-03741, filed by another Santander Securities LLC client, involves allegations against Vales. Namely, the client alleged that Vales engaged in a private securities transaction (also referred to as “selling away”). Indeed, the client indicated that Vales violated FINRA Rule 3280, suggesting Vales sold investments to the client without Santander’s permission. Similar to the other Santander Securities client, this client claimed Vales made unsuitable ETF trades and violated an investment contract. Supposedly, Vales engaged in negligent conduct in a client’s E-Trade account which caused the client to sustain more than half a million dollars in losses. Eventually, Santander Securities LLC opted to pay the client $125,000 in damages to settle the matter.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Evidently, Santander Securities, who is Willie Vales’ last brokerage firm employer of record, disaffiliated with Vales because he gave misleading statements to the firm when the firm probed him about his sales practices. If you experienced losses by investing with securities broker Willie Vales, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible 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.