Jose R. Juanarena Ferrari of San Juan Puerto Rico a stockbroker formerly registered with Popular Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $125,000.00 in damages based upon accusations that Ferrari made inappropriate investment recommendations to the customer concerning the purchases of closed end funds given the customer’s tolerance for risk. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04270 (Dec. 17, 2018).
FINRA Public Disclosure confirms that Ferrari is referenced in six more customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Popular Securities and Oriental Financial Services Corp. Particularly, a customer filed an investment related arbitration claim concerning Ferrari’s conduct where the customer sought $1,000,000.00 in damages supported by accusations that Ferrari made misrepresentations concerning the risks of investments purchased by the customer; gave bad advice concerning government debt investments selected for the customer’s account, failing to consider the customer’s tolerance for risk and capital preservation needs; and caused the customer’s investment account to be overconcentrated in speculative investments. FINRA Arbitration No. 14-03744 (Dec. 26, 2014).
Thereafter, a customer filed an investment related arbitration claim regarding Ferrari’s activities in which the customer requested $397,000.00 in damages founded on allegations of Ferrari’s bad recommendations pertaining to the closed end funds and government debt investments purchased in the customer’s account during the time that the Puerto Rican financial markets experienced volatility. FINRA Arbitration No. 18-00802 (Feb. 28, 2018). Moreover, a customer filed an investment related arbitration claim involving Ferrari’s conduct where the customer sought $200,000.00 in damages based upon accusations against Ferrari of unsuitable government debt recommendations that caused the customer to incur investment losses. FINRA Arbitration No. 18-03290 (Sept. 28, 2018).
Ferrari is also the subject of a customer initiated investment related arbitration claim in which the customer requested $1,000,000.00 in damages supported by allegations that the customer was advised by Ferrari to invest in closed end funds and government debt products that failed to align with the customer’s tolerance for risk; and recommendations were particularly bad because of the troubling state of the Puerto Rico financial markets. FINRA Arbitration No. 18-03694 (Oct. 24, 2018). Moreover, a customer filed an investment related arbitration claim concerning Ferrari’s activities where the customer sought $125,000.00 in damages founded on accusations of Ferrari’s inappropriate advice regarding the customer’s purchase and retention of Puerto Rico securities. FINRA Arbitration No. 18-04270 (Dec. 17, 2018).
Ferrari has also been terminated from prior securities broker, Oriental Financial Services Corp, based upon allegations that Ferrari made bad investment recommendations to a customer concerning a fixed income investment; and steered the customer towards purchasing unsuitable investments so that Ferrari could generate commissions. Ferrari’s registration with Popular Securities LLC has been terminated as of November 20, 2017. Since then, Ferrari has been employed by Oppenheimer Co. Inc.
