Luis Currais Lopez of Dorchester Massachusetts a stockbroker formerly employed by Santander Securities LLC has been identified in a customer initiated investment related arbitration claim which has been resolved for $12,000.00 in damages founded on accusations that (1) transactions failed to be adequately supervised by the securities broker dealer (2) false or misleading statements had been made in regard to the terms and conditions of investments (3) the customer was placed into fraudulent investments (4) the customer’s account had been administered negligently (5) a contract pertaining to the customer’s investments was breached (6) transactions violated securities laws (7) a fiduciary duty owed to the customer was breached (8) transactions were unsuitable in view of the customer’s objectives for investing and tolerance for risk and (9) the customer’s account contained an excessive concentration in speculative mutual funds when Lopez was employed by Santander Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03623 (Dec. 18, 2019).
FINRA Public Disclosure reveals that Lopez has been referenced in eleven more customer initiated investment related disputes concerning accusations of his improprieties when the stockbroker was associated with securities broker dealers including Santander Securities. Particularly, a customer initiated investment related arbitration claim in reference to Lopez’s conduct has been resolved for $3,350,000.00 in damages based upon accusations that when Lopez was associated with Santander Securities, transactions lacked appropriate supervision from the securities broker dealer; fiduciary obligations were breached; transactions were unsuitable given the customer’s investment profile; and an unreasonable portion of the customer’s assets was allocated in aggressive investments including municipal bonds which resulted in losses. (FINRA) Arbitration No. 16-02507 (May 14, 2018).
Another customer filed an investment related arbitration claim pertaining to Lopez’s conduct in which the customer requested $300,000.00 in damages supported by allegations that when Lopez had been employed by Santander Securities, the customer had been required to pay unreasonable commissions by the stockbroker; transactions were not reasonably monitored by the securities broker dealer; information pertaining to closed end fund investment transactions had been concealed from the customer by the stockbroker; misleading statements were made pertaining to the risks and drawbacks of investments; the customer’s account had been imprudently managed; contractual obligations were not complied with; transactions failed to be compliant with securities regulations or rules; fiduciary obligations were breached; the customer’s account had been unsuitably concentrated in risky investments; and fraudulent actions were taken with the customer’s assets. FINRA Arbitration No. 19-02539 (Sept. 4, 2019).
Lopez is additionally referenced in a customer initiated investment related arbitration claim where the customer sought $525,000.00 in damages founded on accusations that the customer was overcharged; a contract pertaining to the customer’s investments was breached; a fiduciary duty was breached; the customer’s account had been administered negligently; closed end funds and municipal bond transactions violated securities laws; omissions were made about the terms and conditions of investments; the customer was placed into fraudulent investments; transactions were not reasonably supervised by the securities broker dealer; the customer’s account contained an excessive concentration in speculative investments; and transactions were unsuitable for the customer in view of the customer’s goals for investing or aversion to risk when Lopez was employed by Santander Securities. FINRA Arbitration No. 19-01863 (Oct. 18, 2019).
In addition, a customer filed an investment related arbitration claim in reference to Lopez’s conduct where the customer sought between $100,000.00 and $500,000.00 in damages based upon accusations that when Lopez was associated with Santander Securities, municipal bond transactions lacked appropriate supervision from the securities broker dealer; an investment contract was violated; fiduciary obligations were breached; transactions were unsuitable given the customer’s investment profile; the customer’s account was administered with poor care; transactions ran afoul of securities laws or rules; and an unreasonable amount of the customer’s assets were allocated in aggressive investments. FINRA Arbitration No. 19-03565 (Dec. 4, 2019).
Lopez’s registration with Santander Securities has been terminated as of February 17, 2016. Lopez has been registered with Herbert J. Sims Co. Inc. since March 18, 2016.
