Lazaro Armando Fernandez Paredes of Dorchester Massachusetts a stockbroker formerly registered with Santander Securities is the subject of a customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages based upon accusations that the customer had been placed into fraudulent closed end funds and municipal debt investments during the time that Paredes was associated with Santander Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03671 (Apr. 21, 2020).
According to the customer’s claim, a contract and a fiduciary duty had been breached by Paredes in regard to his trading of Puerto Rico bonds and closed-end funds in the customer’s account. The customer’s account had allegedly been invested by Paredes in unsuitable investments and the stockbroker’s negligence resulted in the customer’s losses. The claim also alleges Santander Securities’ failure to supervise and its violation of securities laws.
FINRA Public Disclosure confirms that Paredes has been identified in forty additional customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Santander Securities. Paredes has been identified in a customer initiated investment related written complaint on November 20, 2019 where the customer sought unspecified damages founded on accusations that his closed-end fund investment recommendations were unsuitable and had resulted in the depletion of the majority of the customer’s retirement portfolio.
On February 24, 2020, a customer initiated investment related arbitration claim pertaining to Paredes’ conduct was settled for $127,500.00 in damages supported by allegations that transactions failed to be suitable for the customer. FINRA Arbitration No. 19-00872. The claim alleges the breach of fiduciary duty and breach of contract as well as the failure to supervise Paredes’ trading in the customer’s account.
Paredes is also the subject of a customer initiated investment related arbitration claim which was resolved for $140,000.00 in damages based upon accusations that a suitability duty and a fiduciary duty had been violated by Paredes as it pertained to bonds and closed-end funds purchases that caused the customer to experience losses. FINRA Arbitration No. 19-00870 (Apr. 13, 2020). According to the claim, securities rules and laws were violated and there was a lack of supervision in regard to the transactions which Paredes effected at Santander Securities.
On May 1, 2020, another customer initiated investment related arbitration claim involving Paredes’ conduct was settled for $60,000.00 in damages based upon allegations of the customer’s account being over-concentrated by Paredes in bad mutual funds and bonds. FINRA Arbitration No. 19-01323. The claim alleges negligence and the violation of industry standards and the breach of a fiduciary obligation that was owed to the customer by Paredes.
Paredes’ employment with Santander Securities was terminated on February 17, 2016.