Articles Tagged with Santander Securities

AdobeStock_91053286-1-300x194The Securities and Exchange Commission (SEC) recently charged former broker Demetrios Hallas with “knowingly or recklessly trading unsuitable investment products,” in the accounts of five of his clients and allegedly stealing more than $170,000 from one of them. The SEC then alleged that Hallas deposited the funds into his own personal bank accounts and used the money for his own personal expenses. The SEC ordered Hallas to pay $549,987.64 in disgorgement, prejudgment interest and civil penalties. The alleged products include leveraged exchange-traded funds and exchange-traded notes. He allegedly recommended and sold these to clients who were unsophisticated and had modest incomes. A broker has a duty to only recommend and sell those investments that correspond with his clients’ ages, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be held liable for losses on a contingency fee basis.
According to his online, public profile with the Financial Industry Regulatory Authority (FINRA), Hallas was previously registered with Chase Investment Services in New York, New York from June 2011 until March 2012, Aegis Capital Corp in New York from July 2012 until May 2013, Santander Securities in New York from May 2013 until June 2014, Forefront Capital Markets in New York from October 2014 until July 2015 nd PHX Financial Inx in New York from August 2015 until December 2015.

AdobeStock_49363801-1-300x200The Financial Industry Regulatory Authority (FINRA) recently fined Santander Securities $175,000 for allegedly selling municipal bonds to customer at unfair and reasonable prices. This occurred from July 2013 until September 2013. The firm was also ordered to pay restitution to the affected customers in the amount of $62,807 plus interest. If you invested with Santander Securities and suffered losses, please call our securities law firm at 312-332-4200. We are based in Chicago and Barrington, Illinois and bring legal claims against firms such as Santander to recover investor losses. There is no obligation and the call is free so please call today as there is a statute of limitations on most cases.

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.

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