Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jose Garcia Talavera (Garcia Talavera), previously associated with UBS Financial Services Incorporated of Puerto Rico, has at least 49 disclosable events. These events include 49 customer complaints, alleging that Garcia Talavera recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint on January 20, 2020.
Time frame: Unspecified\<char_lb_r>\, \<char_lb_r>\, Allegations: Claimants allege their investments in Puerto Rico closed-end funds were unsuitable, over-concentrated, and misrepresented as safe investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $750,000.00 on September 09, 2019.
Time frame: Unspecified\<char_lb_r>\, Claimants allege their investments in Puerto Rico closed-end funds were unsuitable, over-concentrated, and misrepresented as safe investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $110,000.00 on August 26, 2019.
Time frame: Unspecified\<char_lb_r>\, Allegations: Claimants allege their investments in Puerto Rico closed-end funds were unsuitable, over-concentrated, and misrepresented as safe investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $325,000.00 on August 08, 2019.
Time frame: Unspecified\<char_lb_r>\, \<char_lb_r>\, Allegations: Claimants allege the recommendation to invest in and hold Puerto Rico Closed-End Funds was unsuitable, and that their accounts were unsuitably over-concentrated in Puerto Rico investments. They also allege that the risk of investing in and concentration in Puerto Rico investments was misrepresented.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $120,000.00 on June 19, 2019.
Time frame: 2007-Unspecified\<char_lb_r>\, Allegations: Claimant alleges the recommendations to invest in and hold Puerto Rico Closed-End Bond Funds was unsuitable, and that her account was unsuitably over-concentrated in those investments. Claimant also alleges that the risk of investing in Puerto Rico investments were misrepresented and that the leverage and liquidity risks of the PR investments were not disclosed.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $717,097.00 on December 21, 2018.
Time frame: September 10, 2012 to present \<char_lb_r>\, Allegations: Claimants allege that the recommendation to invest in and hold Puerto Rico closed-end funds was unsuitable, and that their accounts were unsuitably over concentrated in PR investments. They also allege that the risks of investing in and concentration in PR investments was misrepresented.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $250,000.00 on September 05, 2018.
Time frame: 2013 to 2015\<char_lb_r>\, Allegations: Claimants allege unsuitability, overconcentration and misrepresentations involving\<char_lb_r>\, the recommendation to invest in Puerto Rico Closed-end Bond Funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $210,000.00 on August 27, 2018.
Client alleges over-concentration, unsuitability, breach of fiduciary duty, breach of contract, contractual negligence, fraud, constructive fraud, failure to supervise, and violations of securities laws and rules (Puerto Rico bond funds). Includes request for interest, costs and fees.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $44,464.00 on June 13, 2018.
Client alleges unsuitability, over-concentration, failure to treat Claimants in a just and equitable manner, breach of contract, breach of fiduciary duty, violations of FINRA rules including Elderly Financial Abuse and local law for seniors, negligence, negligent supervision, negligent misrepresentation and omissions (Puerto Rico closed-end funds). Includes request for rescission, punitive damages, interest, costs and fees.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $51,874.00 on June 13, 2018.
Client’s allege unsuitability, over-concentration, failure to treat Claimants in a just and equitable manner, breach of contract, breach of fiduciary duty, violations of FINRA rules including Elderly Financial Abuse and local law for seniors, negligence, negligent supervision, negligent misrepresentation and omissions (Puerto Rico closed-end funds). Includes request for rescission, punitive damages, interest, costs and fees.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $800,000.00 on May 21, 2018.
Time frame: Unspecified \<char_lb_r>\, Allegations: Claimant alleges misrepresentations, unsuitability, and over concentration concerning his investments in closed-end bond funds and Puerto Rico municipal bonds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $207,000.00 on April 19, 2018.
Time frame: Unspecified\<char_lb_r>\, Claimants allege their investments in Puerto Rico closed-end funds were unsuitable, over-concentrated, and misrepresented as safe investments.
FINRA BrokerCheck shows a settled customer complaint on February 26, 2018.
Time Frame: February 4, 2013 to February 4, 2013\<char_lb_r>\, The client alleges the FA recommended unsuitable concentration in risky PR CEFs, misrepresented as safe & guaranteed
FINRA BrokerCheck shows a settled customer complaint with a damage request of $290,000.00 on December 22, 2017.
Time frame: Unspecified \<char_lb_r>\, Claimants allege misrepresentations, unsuitability, and over concentration concerning their investments in Puerto Rico municipal bonds and common and preferred stock issued by Puerto Rico banks.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $600,000.00 on December 14, 2017.
Time frame: 2009 through present \<char_lb_r>\, \<char_lb_r>\, Allegations: Claimant alleges misrepresentations, unsuitability, and over concentration concerning his investments in Puerto Rico municipal bonds.
FINRA BrokerCheck shows a settled customer complaint on December 12, 2017.
Time frame: Unspecified \<char_lb_r>\, \<char_lb_r>\, Allegations: Claimant alleges that his investments in proprietary Puerto Rico closed end funds were unsuitable. Claimant also alleges that the risks of an investment in the Funds and concentration in the Funds were not disclosed.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on November 21, 2017.
Time frame: Unspecified \<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning his investments in Puerto Rico municipal bonds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on June 22, 2017.
Time Frame: 2013-2015\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning his investments in two closed-end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on February 15, 2017.
Time Frame: 2012-2015\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and overconcentration concerning his investments in closed end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $58,879.98 on January 29, 2017.
Time Frame: 2010 to present\<char_lb_r>\, Claimant alleges her investments in Puerto Rican closed-end bond funds were unsuitable, over concentrated and misrepresented as safe investments.
FINRA BrokerCheck shows a settled customer complaint on December 08, 2016.
Time frame: 2008-2015\<char_lb_r>\, Claimants allege misrepresentations, unsuitability, and over concentration concerning their investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint on November 22, 2016.
Time frame: unspecified\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning her investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint on November 17, 2016.
Time frame: 2004-2015\<char_lb_r>\, Claimant [Customer Name] alleges misrepresentations, unsuitability, and over concentration concerning his investments in closed-end funds, and unauthorized trading.
FINRA BrokerCheck shows a settled customer complaint on November 09, 2016.
Time frame: unspecified\<char_lb_r>\, Claimants allege misrepresentations, unsuitability and over concentration concerning their investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint on September 26, 2016.
Time frame: 2010-2015\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning investments in closed-end funds and Puerto Rico municipal bonds, and unauthorized trading.
FINRA BrokerCheck shows a settled customer complaint on September 16, 2016.
Time frame:unspecified\<char_lb_r>\, Claimant alleged misrepresentations, unsuitability and over concentration concerning his investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint on September 15, 2016.
Time frame: 2011-2015\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning its investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $280,000.00 on August 08, 2016.
Client alleges breach of fiduciary duty, breach of contract, negligence, fraud, and negligent supervision (Puerto Rico municipal bonds and closed-end funds).
FINRA BrokerCheck shows a settled customer complaint with a damage request of $350,000.00 on July 12, 2016.
Time frame: 2013-2015\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning her father’s investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint on May 20, 2016.
Time frame: 2007-2015\<char_lb_r>\, Claimants allege misrepresentation, unsuitability and over concentration concerning their investments in closed-end funds and Puerto Rico municipal bonds.
FINRA BrokerCheck shows a settled customer complaint on April 22, 2016.
Time Frame: 2011-2015\<char_lb_r>\, Claimants allege misrepresentations and unsuitability in connection with purchases of closed end funds and unauthorized trading.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on February 12, 2016.
Time Frame: 2008-2015\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning her investments in closed end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $250,000.00 on November 16, 2015.
Time frame:Unspecified\<char_lb_r>\, Claimants allege unsuitability, overconcentration and misrepresentation involving the\<char_lb_r>\, recommendation of Puerto Rico closed-end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $422,697.42 on October 14, 2015.
Time frame: Unspecified\<char_lb_r>\, Claimant alleges misrepresentations, unsuitability, and over concentration concerning his investments in closed-end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on September 28, 2015.
Client alleges breach of fiduciary duty, negligence, fraud, failure to supervise and breach of contract (Puerto Rico closed-end funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $2,257,543.55 on September 23, 2015.
Claimants allege misrepresentations, unsuitability, and over concentration concerning their investments in closed-end funds. Time frame: unspecified.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,187,829.76 on September 16, 2015.
Claimant alleges misrepresentations, unsuitability, and over concentration concerning his investments in Puerto Rico municipal bonds and closed-end bond funds. Time frame: unspecified.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $167,746.00 on August 10, 2015.
CLAIMANT ALLEGES MISREPRESENTATION, UNSUITABILITY AND OVER CONCENTRATION CONCERNING HIS INVESTMENTS IN CLOSED-END BOND FUNDS. TIME FRAME: UNSPECIFIED.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $4,000,000.00 on June 29, 2015.
CLAIMANTS ALLEGE MISREPRESENTATIONS, UNSUITABILITY, AND OVER CONCENTRATION CONCERNING THEIR INVESTMENTS IN PUERTO RICO MUNICIPAL BONDS AND CLOSED-END BOND FUNDS, AND ALLEGE THAT A CREDIT LINE WAS UNSUITABLE. TIME FRAME: 2008-2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $250,000.00 on June 19, 2015.
TIME FRAME: 2008-PRESENT CLAIMANTS ALLEGE MISREPRESENTATIONS AND UNSUITABILITY CONCERNING THEIR INVESTMENTS IN CLOSED-END BONDS FUNDS
FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on November 03, 2014.
TIME FRAME: 2009-PRESENT. CLAIMANT ALLEGES MISREPRESENTATION, UNSUITABILITY, AND OVERCONCENTRATION IN PUERTO RICO BONDS AND PUERTO RICO CLOSED-END BOND FUNDS.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $24,727.00 on September 09, 2014.
CLIENT ALLEGES FRAUD, DECEIT, RECKLESSNESS AND NEGLIGENCE( PUERTO RICO MUNICIPAL BONDS AND CLOSED-END FUNDS).
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on August 19, 2014.
CLIENTS ALLEGE BREACH OF FIDUCIARY DUTY, NEGLIGENCE AND GROSS NEGLIGENCE, FRAUD AND CONSTRUCTIVE FRAUD, FAILURE TO SUPERVISE, BREACH OF CONTRACT, UNSUITABILITY (PUERTO RICO MUNICIPAL BONDS; CLOSED-END FUNDS).
FINRA BrokerCheck shows a settled customer complaint with a damage request of $58,879.00 on July 16, 2014.
TIME FRAME: 2011-PRESENT. CLAIMANT ALLEGES MISREPRESENTATIONS AND UNSUITABILITY CONCERNING HER PURCHASES OF CLOSED-END BOND FUNDS.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $75,000.00 on July 09, 2014.
CLAIMANT ALLEGES UNSUITABILITY, OVERCONCENTRATION AND MISREPRESENTATIONS INVOLVING THE RECOMMENDATION OF A CLOSED-END FUND. TIME FRAME; 2012 – 2013.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $416,040.35 on June 27, 2014.
CLAIMANT ALLEGES UNSUITABILITY, OVERCONCENTRATION AND MISREPRESENTATIONS INVOLVING THE RECOMMENDATION OF CLOSED-END FUNDS. TIME FRAME: TIME FRAME: 2013.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $60,000.00 on June 13, 2014.
CLAIMANTS ALLEGE MISREPRESENTATIONS AND UNSUITABILITY IN CONNECTION WITH THEIR PURCHASES OF CLOSED-END BOND FUNDS. TIME FRAME: 2010-PRESENT
FINRA BrokerCheck shows a settled customer complaint with a damage request of $874,206.00 on April 07, 2014.
CLAIMANTS ALLEGE MISREPRESENTATIONS AND UNSUITABILITY IN CONNECTION WITH THEIR PURCHASES OF CLOSED-END BOND FUNDS. TIME FRAME: 2007-PRESENT.
FINRA BrokerCheck shows a settled customer complaint on March 03, 2014.
CLAIMANT ALLEGES MISREPRESENTATION AND UNSUITABILITY IN CONNECTION WITH HER PURCHASE OF BONDS AND CLOSED END FUNDS. TIME FRAME: 2009-PRESENT.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This standard applies when brokers make recommendations to retail customer for any securities transaction or investment strategy involving securities, including recommendations of types of accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the financial advisor must use their knowledge of both their reasonable diligence into investment options as well as their knowledge of the investor’s client specific needs to consider reasonably available investment options. Those investment options must allow the broker to determine that there is a reasonable basis that the recommendation is in the retail investor’s best interest.
Brokerage firms and advisors must also understand the features and limitations of various account types as part of meeting Reg BI’s care obligations. Firms typically offer a variety of account options and services with different trading costs, services, such as account and activity monitoring. An advisor’s recommendation as to what type of securities account to open can alter the customers’ overall costs and investment returns. The advisor must determine that the client can benefit from the type of account being recommended to be opened and in the investor’s best interest taking into account the costs, benefits, and needs of the client.
Garcia Talavera has been in the securities industry for more than 15 years. Garcia Talavera has been registered as a Broker with UBS Financial Services Incorporated of Puerto Rico since 2007.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.