Puerto Rico Stockbroker Fraud Attorney
Puerto Rico has scores of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to engage in one or more kinds of stockbroker fraud. They could make misrepresentations about investing in securities (stocks, bonds, options, mutual funds, REITs, Junk Bonds, Hedge Funds, Structured Products, etc.) they are selling. Unsuitable recommendations of the strategies they recommend (margin, short selling, option) is another kind of stockbroker fraud. They can engage in many other kinds of stockbroker fraud and stockbroker misconduct which violates Federal and Puerto Rico securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.
For example, Oriental Financial Services Corp. (OFS) of San Juan, Puerto Rico submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) for allegedly purchasing municipal securities for its own account from customers and then selling those municipal securities to other customers at unfair or unreasonable prices.
Between July 1, 2013 and September 30, 2013, FINRA investigators found multiple transactions where OFS was unfair or unreasonable to its customers. FINRA alleged OFS failed to take into consideration, the best judgment of the broker as to the fair market value of the securities at the time of the transaction and of any securities traded pertaining to the transaction. In addition, FINRA claimed that OFS failed to account for the expense involved in effecting the transaction, the fact that the broker is entitled to a profit, and the total dollar amount of the transaction.
According to FINRA, this conduct with respect to municipal securities was a violation of MSRB Rules G-17 and G-30. Without admitting or denying the FINRA allegations, OFS consented to the FINRA penalties and was fined $40,000 and ordered to pay $18,358.52, plus interest, in restitution to investors.Experienced Stockbroker Fraud Lawyers Who Handle FINRA Arbitrations Throughout Puerto Rico and Nationwide
Are you a Puerto Rico investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Puerto Rico stockbroker or investment advisor, misrepresent facts about the securities, investments or strategies they were recommending or otherwise mismanage your investment account? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA arbitration lawyer — an attorney who knows FINRA rules and procedures and how to handle these FINRA arbitration cases as well as other complex legal issues.
By hiring a top rated stockbroker fraud attorney like Robert Wayne Pearce with over 40 years of experience on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best securities attorneys to recover your investment losses for all types of stockbroker fraud and stockbroker misconduct in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors with securities misrepresentation claims and many other kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas besides securities misrepresentation and stockbroker fraud claims such as stockbroker breach of fiduciary duty, stockbroker negligence, failure to supervise stockbrokers, and unsuitable recommendations by stockbrokers. Attorney Pearce and his staff represent investors throughout Puerto Rico, and across the United States on a CONTINGENCY FEE basis, which means you pay nothing - NO FEES-NO COSTS - unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced lawyers who successfully handle securities misrepresentation, stockbroker fraud, stockbroker misconduct and other investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Puerto Rico citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.