Articles Tagged with Popular Securities

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Rafael Arthur Torres (Arthur Torres), previously associated with Popular Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Arthur Torres recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $130,000.00 on February 08, 2021.

Claimants allege that the recommendation to invest in and hold Puerto Rico closed-end funds and Puerto Rico municipal bonds was unsuitable and that their account was over-concentrated in these investments. They also allege that the risks of investing in and concentrating in PR investments were misrepresented.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Vanessa Perez Fernandez (Perez Fernandez), currently associated with Popular Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Perez Fernandez recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $215,000.00 on February 23, 2021.

Claimant alleges that Financial Consultant investment recommendations to purchase and to hold P.R. Securities were unsuitable in light of the clients’ risk tolerance. Claimants also allege that recommendations made by the Financial Consultant were particularly egregious in light of Puerto Rico’s well known deteriorating financial condition.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christian Rickenbach Loubriel (Rickenbach Loubriel), currently associated with Popular Securities, LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Rickenbach Loubriel recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $215,000.00 on February 23, 2021.

Claimant alleges that Financial Consultant investment recommendations to purchase and to hold P.R. Securities were unsuitable in light of the clients’ risk tolerance. Claimants also allege that recommendations made by the Financial Consultant were particularly egregious in light of Puerto Rico’s well known deteriorating financial condition.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Amarilis Santiago Torres (Santiago Torres), currently associated with Popular Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Santiago Torres recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $310,000.00 on March 31, 2021.

Claimant alleges that Financial Consultant made recommendations to purchase and to hold P.R. Closed-end funds and P.R. Bonds, resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client\\u00e2? ?s stated risk tolerance and investment objective.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Abimael Rosario Aleman (Rosario Aleman), currently associated with Popular Securities, LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Rosario Aleman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on May 25, 2021.

Claimant alleges that Financial Consultant made recommendations to purchase and to hold P.R. Closed-end funds and P.R. Bonds, resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client’s stated risk tolerance and investment objective.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jose Fuentes Rodriguez (Fuentes Rodriguez), currently associated with Popular Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Fuentes Rodriguez recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on March 26, 2025.

Claimant alleges that Financial Consultant made recommendations to purchase and to hold P.R. Closed-end funds and P.R. Bonds, resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client’s stated risk tolerance and investment objective.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Miguel Correa Cestero (Correa Cestero), currently associated with Popular Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Correa Cestero recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.01 on May 21, 2024.

Claimant alleges that Financial Consultant made recommendations to purchase and to hold P.R. Closed-end funds and P.R. Bonds, resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client’s stated risk tolerance and investment objective.

Continue Reading

| by

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Tania Perez pineiro (Perez pineiro), currently associated with Popular Securities, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Perez pineiro recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $35,353.58 on October 21, 2024.

The customer complained that from March 2012 until October 2024, her total account value dropped significally, alleging substantial losses do to mismanagement of funds and failure to uphold its fiduciary duty to manage funds.

Continue Reading

| by

shutterstock_26269225This is the second regulatory action that our firm has tracked concerning brokerage firms recommending concentrated positions in Puerto Rico bond funds without having appropriate supervisory system and procedures designed to identify and review concentrated securities purchases in Puerto Rico closed-end funds.

As we reported, The Financial Industry Regulatory Authority (FINRA) sanctioned Popular Securities, Inc. (Popular Securities) alleging between July 1, 2011, and June 30, 2013, Popular failed to establish and enforce a supervisory system and procedures designed to identify and review concentrated securities purchases in Puerto Rico municipal bonds and Puerto Rico closed-end funds. Now in a similar action, FINRA alleged that between July 1, 2011, and June 30, 2013, Oriental Financial Services Corp. (Oriental) failed to establish, maintain, and enforce, supervisory systems and procedures to identify and review concentrated securities purchases in Puerto Rico municipal bonds and Puerto Rico closed-end bond funds.

Oriental has been a F]NRA member since 1993 and is a subsidiary of OFG Bancorp. Oriental operates out of headquarters in San Juan, Puerto Rico and engages in a general securities business that focuses on Puerto Rico municipal securities and open and closed-end mutual funds. Oriental has 50 brokers located in 12 branch offices.

Continue Reading

| by

The Financial Industry Regulatory Authority (FINRA) Arbitration Panel has awarded damages to investors in the amount of $1.2 million in compensatory damages and cost of fees associated with the arbitration. The alleged claim was asserted against BBVA Securities of Puerto Rico, Inc. (BBVA Securities) and employees of the brokerage firm.

BBVA Securities is a brokerage firm in San Juan, Puerto Rico.

The Claimants asserted breach of fiduciary duty, unsuitable investments, churning and excessive trading, failure to supervise and gross negligence. These causes of actions related to allegedly unsuitable naked option trading strategy combined with the use of margin which caused losses in the investor’s accounts.

Continue Reading
Contact Information
295 Madison Ave #705
New York, NY 10017
Toll Free: 800-810-4262
3706 N Greenview Ave
#100
Chicago, IL 60613
28 Valley Rd
#1
Montclair, NJ 07042
ATTORNEY ADVERTISING

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The contact form sends information by non-encrypted email, which is not secure. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship.

Copyright © 2026, Gana Weinstein LLP
JUSTIA Law Firm Blog Design