Luis Alberto Mendoza, of Washington, District of Columbia, a stockbroker formerly registered with HSBC Securities (USA) Inc., is the subject of a customer initiated investment related written complaint on July 20, 2015, where the customer sought $47,000.00 in damages supported by allegations that two variable universal life insurance policies were sold to the customers despite the customers never having requested the products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Mendoza has been identified in three more customer initiated investment related disputes concerning accusations of Mendoza’s misconduct while he was employed with HSBC Securities. Particularly, on May 22, 2008, a written complaint involving Mendoza’s activities was settled for $1,000,000.00 in damages founded upon allegations that Mendoza failed to inform the customer about the risks pertaining to auction rate municipal debt products.
Another customer filed an investment related written complaint pertaining to Mendoza’s conduct, in which the customer sought $9,000.00 in damages by contending that Mendoza omitted facts from the customer about the surrender penalties that the customer would incur upon the liquidation of a variable annuity product. The customer also alleged that Mendoza failed to apprise the customer about the risk of principal loss; and effected the purchase of an annuity that was not suitable for the customer.
Further, on July 11, 2013, a customer filed an investment related written complaint involving Mendoza’s conduct, where the customer requested $11,857.00 in damages supported by allegations that Mendoza solicited the customer to invest in mutual funds that were not suitable; the customer alleged that the products failed to align with the customer’s conservative investment objectives and risk tolerance.
Mendoza’s registration with HSBC Securities was terminated on January 12, 2015. Since January 9, 2015, he has been employed by SunTrust Investment Services, Inc.
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