Arturo Colon of Mayaguez Puerto Rico a stockbroker formerly employed by Santander Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $150,000.00 in damages founded on accusations that (1) the customer’s account transactions had been negligently administered (2) contractual obligations were breached (3) securities rules and laws had been violated (4) fiduciary duties were breached (5) mutual funds and municipal debt investments transactions executed in the customer’s account were not appropriate for the customer and (6) the customer had been defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04307 (Dec. 20, 2018).
FINRA Public Disclosure confirms that Colon is referenced in twenty-five additional customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Santander Securities LLC and UBS Financial Services. In particular, a customer initiated investment related arbitration claim concerning Colon’s activities was resolved for $99,000.00 in damages based upon accusations that the customer was inappropriately sold municipal bonds and closed end funds; fiduciary duties were violated; the customer’s account contained excess concentrations of speculative and unsuitable investments; and there was a lack of supervision with regard to the customer’s investment account. FINRA Arbitration No. 16-02288 (Jan. 3, 2018).
Then, a customer filed an investment related arbitration claim regarding Colon’s activities where the customer sought $700,000.00 in damages supported by allegations including the violation of securities laws; failure to supervise; fraud; negligence; breach of contract; breach of fiduciary duty; unsuitability; and over-concentration of the customer’s assets in speculative investments that caused the customer losses. FINRA Arbitration No. 18-02260 (June 19, 2018).
Thereafter, a customer filed an investment related arbitration claim involving Colon’s conduct in which the customer requested $1,000,000.00 in damages founded on accusations that bad closed end funds, equities and municipal debt investments were held in the customer’s account; contractual and fiduciary duties were breached; and Santander Securities neglected to monitor Colon’s account transactions which led to the customer being defrauded. FINRA Arbitration No. 18-04227 (Dec. 12, 2018).
Moreover, a customer initiated investment related arbitration claim regarding Colon’s conduct was settled for $92,500.00 in damages based upon allegations that contractual obligations had been breached; the customer’s account was mismanaged; and fraudulent closed end fund and municipal debt transactions were placed in the customer’s account. FINRA Arbitration No. 16-00497 (Dec. 19, 2018).
Colon’s registration with Santander Securities LLC has been terminated as of February 17, 2016. Since March 16, 2016, Colon has been registered with Kovack Securities Inc.
