Eric Juan Stubbe Arsuaga of Dorchester Massachusetts a stockbroker formerly employed by Santander Securities LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $82,500.00 in damages based upon allegations that the customer had been placed in common and preferred stock and mutual funds among other investments that failed to be suitable for the customer and which led the customer to experience losses. FINRA Arbitration No. 18-01721 (Mar. 16, 2020). According to the claim, the customer’s investment account was overconcentrated in risky securities and had been negligently supervised by the securities broker dealer.
FINRA Public Disclosure reveals that Arsuaga has been identified in nineteen more customer initiated investment related disputes pertaining to accusations of his misconduct while employed by securities broker dealers including Santander Securities. Arsuaga is the subject of a customer initiated investment related arbitration claim which was settled for $2,050,000.00 in damages founded on allegations of the violation of securities laws and the breach of both fiduciary and contractual duties in regard to the closed end funds and municipal debt investments sold by Arsuaga at Santander Securities. FINRA Arbitration No. 17-02721 (Jan. 3, 2019). The claim alleges that a fraud was committed against the customer.
On September 6, 2019, another customer filed an investment related arbitration claim involving Arsuaga’s conduct in which the customer requested $5,000,000.00 in damages supported by accusations that misrepresentations and omissions had been made in regard to municipal debt products and that the investments were in no way suitable for the customer. FINRA Arbitration No. 19-02643. According to the claim, Santander Securities neglected to supervise Arsuaga and had failed to abide by a contract and accompanying warranties. The claim also indicates that securities laws had been violated because of the stockbroker.
On September 9, 2019, a customer filed an investment related arbitration claim in reference to Arsuaga where the customer sought $5,624,000.00 in damages based upon allegations including negligence and overconcentration of the customer’s assets in mutual funds which led the customer to experience losses. FINRA Arbitration No. 19-02655. The claim alleges that fiduciary and contractual obligations were violated and that the customer was defrauded because of the stockbroker’s sales of Puerto Rico bonds and funds.
Arsuaga is also the subject of a customer initiated investment related arbitration claim in which the customer requested $633,000.00 in damages founded on accusations of negligence and the breach of a fiduciary duty by the stockbroker resulting in the customer’s losses on municipal bonds. FINRA Arbitration No. 19-02770 (Sept. 13, 2019). The claim alleges that the municipal bonds failed to be suitable for the customer. According to the claim, securities rules and laws had been violated by the stockbroker and the customer had been defrauded.