Lazaro Armando Fernandez Paredes of Dorchester Massachusetts a stockbroker formerly registered with Santander Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $100,000.00 in damages founded on accusations that (1) transactions were executed in the customer’s account that were not suitable for the customer (2) the customer’s account had lacked supervision from Santander Securities LLC (3) contractual obligations were breached (4) fiduciary obligations had been breached (5) the customer’s account had been over-concentrated in risky investments (6) misrepresentations had been made regarding closed-end funds and municipal debt products and (7) the customer had been defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03203 (September 11, 2018).
FINRA Public Disclosure confirms that Paredes is referenced in twenty-seven additional customer initiated investment related disputes containing allegations of his violative conduct while employed with Santander Securities and Prudential Securities Inc. Specifically, a customer initiated investment related arbitration claim involving Paredes’ activities was settled for $30,000.00 in damages based upon accusations that investment recommendations made to the customer were not suitable and misrepresentations had been made to the customer concerning over-the-counter equities and mutual funds held in the customer’s account. National Association of Securities Dealers (NASD) Arbitration No. 05-00237 (May 16, 2006).
Thereafter, a customer initiated investment related arbitration claim regarding Paredes’ conduct was resolved for $300,000.00 in damages supported by allegations of the violations of Securities Exchange Act of 1934 Section 10(b); Securities and Exchange (SEC) Rule 10b-5; Puerto Rico Uniform Securities Act. The customer additionally alleged breach of fiduciary and contractual duties, fraud, and negligence under Civil Code of Puerto Rico Article 1802. FINRA Arbitration No. 14-01583 (May 16, 2015).
Subsequently, a customer initiated investment related arbitration claim concerning Paredes’ activities was settled for $413,000.00 in damages founded on accusations that the customer’s account was recklessly handled, and the customer had been deceived and defrauded regarding municipal-debt investment transactions placed in the customer’s account. FINRA Arbitration No. 14-01384 (Feb. 4, 2016). Another customer filed an investment related arbitration claim involving Paredes’ activities in which the customer sought $610,146.03 in damages based upon allegations that the customer’s account was inadequately diversified — the customer’s account contained an unsuitable concentration of closed end funds. FINRA Arbitration No. 16-01509 (September 21, 2016).
Moreover, a customer initiated investment related arbitration claim regarding Paredes’ conduct was resolved for $700,000.00 in damages supported by accusations that fiduciary duties owed to the customer had been breached, contractual obligations were left unfulfilled, the customer’s account was handled in a negligent manner, transactions were not appropriate for the customer, and a fraud had been committed against the customer. FINRA Arbitration No. 16-02856 (July 20, 2018). Furthermore, a customer filed an investment related arbitration claim concerning Paredes’ conduct where the customer requested $210,000.00 in damages founded on allegations including violation of securities rules and laws; failure to supervise; fraud; contractual negligence; breach of contract; breach of fiduciary duty; unsuitability; and over-concentration. FINRA Arbitration No. 18-03029 (Aug. 27, 2018).
Paredes’ registration with Santander Securities LLC has been terminated as of February 17, 2016. Between August 29, 2016 and November 1, 2016, Paredes was employed by Nationwide Planning Associates Inc.
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