Articles Tagged with Puerto Rico

If you lost money with Puerto Rico financial advisor Pedro Gonzalez-Seijo, Stoltmann Law Offices may be able to help you recover these losses. Gonzalez-Seijo, a registered representative of Transamerica Financial Advisors, Inc. from September 1991 through May 2016, solicited clients to purchase variable annuities, but instead deposited their money into his personal bank account. The Securities and Exchange Commission barred Gonzalez-Seijo from the securities industry on July 5, 2019. Through its investigation, the SEC found that he stole $480,813.15 from five clients between 2013 and 2016. He pled guilty to one count of bank fraud in the criminal action that was pending against him in the United States District Court for the District of Puerto Rico on January 31, 2019.

Rather than terminate Gonzalez-Seijo, Transamerica gave him a slap on the wrist when they discovered “unauthorized check withdrawals” in client accounts and permitted him to resign. He did not register with any other broker dealer after resigning from Transamerica in May 2016 and, given the bar imposed by the SEC last week, he will no longer be allowed to work in the securities industry in any capacity. According to his FINRA BrokerCheck Report, Gonzalez-Seijo also sold life insurance and annuities through PGS Insurance, Inc. There are two client complaints disclosed on his BrokerCheck report for this scheme, one has been closed and one is pending.

Stoltmann Law Offices is highly experienced in representing investors who lost money in similar theft and selling away, or “Ponzi” schemes. You can find information on just a few of those cases in which Stoltmann Law Offices successfully recovered their clients’ stolen assets, and in some cases attorney’s fees, costs, interest and punitive damages on our website. “Selling away” is when a broker sells an investment to clients that is either unregistered, or not approved by the brokerage firm. Common forms of these alleged investments are promissory notes, bonds, and limited partnerships. Often times the advisor uses a shell company to misappropriate client funds. In some cases the advisor will even represent that he is investing the money in publicly traded stocks and mutual funds and will go as far as creating phony account statements to hide the theft. If the broker is not properly supervised by his firm, he can engage in this scheme for a long enough time period to abscond with the money, leaving their clients with nothing by the time they discover that the investment was fake.

AdobeStock_50775754-2-300x200Stoltmann Law Offices is investigating Angel Aquino-Velez, a former Morgan Stanley and UBS broker who has been accused of selling Puerto Rico municipal bonds. He has six pending arbitration claims against him and Morgan Stanley, alleging close to $7 million in damages. The allegations include unsuitability and misrepresentation regarding the purchase of municipal securities and closed-end funds. Three of the claims were filed over the summer since he left the firm. Aquino-Velez recently sold clients Puerto Rico Cofina bonds, which are backed by the island’s sales tax revenue. Some of the client’s portfolios were down 80%. The bonds involving UBS are said to be facing almost $1 billion in damages from investor claims. The bonds were unsuitable for many investors, and Puerto Rico filed for bankruptcy under the weight of $70 billion of municipal debt. Ten years before, Puerto Rico had $43.5 billion in debt obligations. Investors to date have recovered $90 million. FINRA’s Office of Dispute Resolution has stayed or temporarily halted all cases based in Puerto Rico until October 20th.

AdobeStock_82110313-1-300x125Stoltmann Law Offices is investigating Guaynabo, Puerto Rico-based Merrill Lynch broker Alex Gierbolini. Gierbolini was accused of misrepresenting material facts, omitting material fats, making unsuitable investment recommendations, failing in his supervisory duty, and recommending unsuitable products and failing to disclose risks. These are all against securities rules and regulations. Merrill Lynch may be responsible for investment losses, because the firm failed to reasonably supervise Mr. Gierbolini. Please call our securities law firm today at 312-332-4200. We are securities attorneys based in Chicago, Illinois and we recover investment losses for clients on a contingency fee basis, which means we only make money if you recover yours.
Mr. Gierbolini was previously registered with Dean Witter Reynolds in Purchase, New York from November 1997 until March 1998, Popular Securities in San Juan, Puerto Rico from December 1997 until January 2000, UBS in Guaynabo, Puerto Rico from January 2000 until September 2012 and UBS in Guaynabo from January 2000 until September 2012. He is currently registered with Merrill Lynch in Guaynabo and has been since September 2012. He has 16 customer complaints against him, nine of which are currently pending.

AdobeStock_1800313-1-300x204Stoltmann Law Offices is investigating Carlos Seda, a broker with Kovack Securities in Guaynabo, Puerto Rico. Seda has been accused of recommending high risk and unsuitable investments in Puerto Rico closed-end funds, among other things. Seda was registered with Santander Securities in Guaynabo, Puerto Rico from September 2002 until January 2007, OFS Securities in Hato Rey, Puerto Rico from January 2007 until August 2013 and Oriental Financial Services in San Juan, Puerto Rico from August 2013 until September 2014. He is currently registered with Kovack Securities in Guaynabo, Puerto Rico and has been since September 2014. He has four customer disputes against him, three of which are currently pending. Please call Stoltmann Law Offices today if you lost money with Seda. His firm, Kovack Securities, can be held liable for investment losses. 312-332-4200. We try cases on a contingency fee basis only.

AdobeStock_35532974-1-300x200Stoltmann Law Offices is investigating Eric Snyder, who is registered with UBS Financial Services in San Juan, Puerto Rico. He has been registered with this firm since 1982. Snyder has been accused of recommending unsuitable investments, over-concentrating investments, misrepresenting investments, and over-concentrating accounts in unsuitable Puerto Rico closed-end funds. These are all against securities rules and regulations, and UBS can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis for your losses. The firm has a duty to reasonably supervise its representatives, and if it does not, can be held liable. The call to us at 312-332-4200 is free with no obligation and we take cases on a contingency fee basis only.

According to his online BrokerCheck report, he has been registered with UBS Financial Services in San Juan, Puerto Rico since May 1982 and with UBS Financial Services Incorporated of Puerto Rico in San Juan since February 1991. He has 30 customer disputes against him, 20 of them are pending currently. Many brokers with UBS sold bad, closed-end Puerto Rico bond funds and we have helped many customers recover their losses with these bad investments.

Did you lose money with Luis Sanchez? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your legal options. According to his online BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Sanchez was registered with R-G Investment Corp in San Juan, Puerto Rico from January 2002 until October 2006, UBS in Guaynabo, Puerto Rico from October 2006 until September 2014 and UBS in Guaynabo from October 2006 until September 2014. He is currently registered with Herbert J. Sims in Guaynabo, Puerto Rico and has been since September 2014. He has 30 customer disputes against him, 18 of which are currently pending.

Sanchez was accused of misrepresenting material facts, making unsuitable investment recommendations, overconcentrating investments, misrepresenting and recommending an unsuitable Puerto Rico closed-end bond fund, and recommended a “reckless and unsuitable concentration in high risk closed-end funds,” among other securities violations. If you lost money with Luis Sanchez, you may be entitled to recover your losses. Please call us today at 312-332-4200 for a free consultation with one of our attorneys. We may be able to help you recover your losses in the FINRA arbitration forum on a contingency fee basis.

Former Puerto Rico-based TransAmerica Financial Investors broker Pedro G. Seijo recently resigned from the firm while being under “internal review.” There were allegations that he was involved with “unauthorized check withdrawals” from two clients’ variable annuity contracts and subsequent deposits into “an unauthorized account.” Another customer alleged that he executed “unauthorized withdrawals and subsequent check deposits” in relation to a variable annuity investment. Seijo was registered with Transamerica Financial Advisors in San Juan, Puerto Rico from December 1991 until May 2016. He has two customer disputes against him, both of which are currently pending. He is not licensed within the industry. The attorneys at Stoltmann Law Offices are interested in speaking with those investors who may have lost money with Seijo, as we may be able to help them recover their losses on a contingency fee basis. We bring arbitration claims against firms such as Transamerica in the Financial Industry Regulatory Authority (FINRA) arbitration forum. Please call today.

Stoltmann Law Offices is interested in speaking to those investors who may have suffered losses with David Garcia Cirilo, a registered representative with Morgan Stanley in Coral Gables, Florida since 2014. If you or someone you know would like to bring a claim against Morgan Stanley in the Financial Industry Regulatory Authority (FINRA) arbitration forum, we may be able to help you do so on a contingency fee basis. The call to us is free so please call today. 312-332-4200. Attorneys are standing by.

Cirilo was alleged to have made unsuitable investment recommendations, and over-concentrated accounts. He was accused of acting negligently, breaching fiduciary duty, breaching contract, committing fraud, and failed to supervise, among other things. These are all against securities rules and regulations, and brokerage firms may be responsible for these transgressions because the firm has a duty to reasonably supervise its brokers.

Cirilo was registered with UBS Financial Services in San Juan, Puerto Rico from December 1993 until September 2006, UBS Services Inc. in San Juan from September 1994 until September 2006 and Santander Securities in San Juan from September 2006 until April 2014. He is currently registered with Morgan Stanley in Coral Gables, Florida and has been since April 2014. He has seven customer disputes against him, five of which are currently pending.

Stoltmann Law Offices is investigating David Garcia Cirilo, a Morgan Stanley adviser in Coral Gables, Florida. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Cirilo allegedly misrepresented material facts, recommended an unsuitable investment, breached fiduciary duty, made unauthorized transactions, failed to supervise his representatives and over-concentrated a customer account, among other things. These are all against securities rules and regulations. Cirilo was registered with UBS Financial Services in San Juan, Puerto Rico from December 1993 until September 2006 and Santander Securities in San Juan from September 2006 until April 2014. He is currently registered with Morgan Stanley in Coral Gables, Florida and has been since April 2014. He has six customer disputes against him, five of which are currently pending.

If you or someone you know invested money with David Garcia Cirilo, please call our securities law firm at 312-332-4200 to speak to an attorney about bringing a claim against Morgan Stanley. They may be able to be sued in the FINRA arbitration forum for losses because they have a duty to reasonably supervise David Garcia Cirilo. The call is free with no obligation. We take cases on a contingency fee basis only so we only make money if you recover it.

Stoltmann Law Offices is investigating Lee Dana Weiss, a registered investment adviser and owner of Family Endowment Partners LP. Weiss is accused of encouraging investors to invest more than $40 million in illiquid securities issued by several related companies without disclosing the fact that he had an ownership interest in the parent company of those entities. He also received payments from the entities. According to a complaint by the Securities and Exchange Commission (SEC), between 2010 and 2012, Weiss advised 11 Family Endowment Partners clients to invest more than $40 million in a French company that designed methods to reduce the harmful effects of tobacco smoking. Weiss received more than $600,000 in payments for himself.

Weiss was registered with Merill Lynch in New York, New York from October 1992 until November 2003, Fidelity Brokerage Services in Boston, Massachusetts from January 2004 until September 2007, FEP Investments in Boston from January 2009 until March 2009, and Stillpoint Capital in Tampa, Florida from March 2011 until August 2015. He is currently registered with MIP Global, Inc. in San Juan, Puerto Rico and has been since January 2014. He has 7 customer disputes against him, four of which are currently pending. If you invested money with Lee Dana Weiss, please call our securities law firm at 312-332-4200 for a free consultation with an attorney. There is no obligation. We take cases on a contingency fee basis only.

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