Luis Currais Lopez of Dorchester Massachusetts a stockbroker formerly registered with Santander Securities LLC is referenced in a customer initiated investment related arbitration claim in which the customer sought $65,000.00 in damages supported by accusations that (1) fiduciary duties were breached (2) the customer was falsely induced into inaction upon discovering volatility in the customer’s account (3) the customer’s account was handled negligently (4) contractual obligations were breached (5) securities law violations had been committed (6) mutual fund transactions were effected in the customer’s account that were not suitable for the customer and which resulted in an overconcentration in inappropriate investments and (7) the customer was defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03623 (Oct. 17, 2018).
FINRA Public Disclosure confirms that Lopez has been identified in six additional customer initiated investment related disputes containing allegations of his misconduct while employed with Santander Securities. Specifically, a customer filed an investment related arbitration claim regarding Lopez’s conduct where the customer requested $8,162,087.22 in damages founded on accusations including negligence, breach of contract, failure to supervise, negligence, breach of food faith and fair dealing, breach of fiduciary duty, unsuitability, and fraud in regard to the closed-end fund and municipal debt trades placed in the customer’s account. FINRA Arbitration No. 17-02926 (Oct. 31, 2017).
Then, a customer initiated investment related arbitration claim concerning Lopez’s activities was settled for $3,350,000.00 in damages based upon allegations that Lopez executed unsuitable municipal debt transactions in the customer’s account, over-concentrated the customer’s assets in inappropriate investments, breached his fiduciary duties to the customer, and effected transactions in the customer’s account without the firm’s supervision. FINRA Arbitration No. 16-02507 (May 18, 2018).
Then, a customer filed an investment related arbitration claim involving Lopez’s activities in which the customer sought $1,100,000.00 in damages supported by accusations that the customer was, inter alia, placed in unsuitable investments and defrauded in regard to the customer’s closed-end funds and mutual fund investment holdings. FINRA Arbitration No. 17-03074 (Nov. 20, 2017). Another customer filed an investment related arbitration claim concerning Lopez’s conduct where the customer requested $130,000.00 in damages founded on allegations that Santander failed to supervise Lopez’s unsuitable transactions, breached fiduciary and contractual obligations to the customer, and violated securities laws with respect to the customer’s Puerto Rico bond funds investments. FINRA Arbitration No. 18-00137 (Jan. 11, 2018).
Furthermore, a customer filed an investment related arbitration claim involving Lopez’s activities in which the customer sought $154,771.00 in damages based upon accusations that Lopez executed inappropriate closed end fund transactions in the customer’s account and contributed towards a fraud being committed in reference to the customer’s closed end funds transactions. FINRA Arbitration No. 18-03547 (Oct. 12, 2018).
Lopez’s registration with Santander Securities LLC has been terminated as of February 17, 2016. Since March 18, 2016, Lopez has been employed by Herbert J. Sims & Co, Inc.
