Manuel Francisco Porrata Monserrate (also known as Manuel F. Porrata) of San Juan Puerto Rico a stockbroker formerly registered with Oriental Financial Services is referenced in a customer initiated investment related complaint where the customer sought $210,000.00 in damages based upon allegations that (1) the customer’s account was administered negligently (2) investment recommendations failed to be suitable (3) contractual obligations to the customer had been breached (4) fiduciary duties were violated (5) and fraudulent misrepresentations and omissions had been made to the customer concerning the closed end fund and municipal debt investments sold to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01293 (May 8, 2019).
FINRA Public Disclosure confirms that Porrata is referenced in ten additional customer initiated investment related disputes pertaining to accusations of his misconduct during the period in which he was associated with Oriental Financial Services. Specifically, a customer filed an investment related arbitration claim regarding Porrata’s activities in which the customer requested $500,000.00 in damages supported by allegations that between October 4, 2012 to June 14, 2017, the customer received poor advice concerning investments; and false or misleading statements had been made to the customer concerning the risks or terms of investments selected for the customer’s account. FINRA Arbitration No. 17-01557 (June 14, 2017).
Another customer filed an investment related arbitration claim concerning Porrata’s conduct where the customer sought $300,000.00 in damages founded on accusations that misrepresentations were made to the customer by way of Porrata downplaying investment risks; and the customer had been placed into an aggressive investment portfolio which was inconsistent for the customer given the customer’s status as a retiree. FINRA Arbitration No. 17-02067 (Aug. 3, 2017).
Porrata is also subject of a customer initiated investment related arbitration claim in which the customer requested $3,000,000.00 in damages based upon allegations that the customer’s account was handled with poor care; fiduciary duties had been breached; transactions executed in the customer’s account were not suitable for the customer; and Porrata’s activities in the customer’s account failed to be adequately supervised by Oriental Financial Services. FINRA Arbitration No. 17-03342 (Dec. 12, 2017).
Subsequently, a customer filed an investment related arbitration claim involving Porrata’s activities where the customer sought $750,000.00 in damages supported by accusations of misleading investment recommendations being made to the customer; the customer being deprived of important information concerning the risks pertaining to closed end fund, equity and municipal debt trades; the violation of a fiduciary duty owed to the customer; and placement of the customer’s assets in inappropriate investments resulting in the customer being over-concentrated in speculative assets and overexposed to risks. FINRA Arbitration No. 18-00340 (Jan. 29, 2018). Furthermore, a customer filed an investment related arbitration claim regarding Porrata’s conduct where the customer requested $500,000.00 in damages founded upon allegations including negligence, unsuitable recommendations, breach of contract and fiduciary duty, misrepresentations, and fraud. FINRA Arbitration No. 18-04244 (Dec. 11, 2018).
Thereafter, a customer initiated investment related arbitration claim concerning Porrata’s activities was settled for $395,000.00 in damages based upon accusations that the customer had been placed into Puerto Rico closed end funds and municipal debt investments which were way too speculative and aggressive for the customer; and false or misleading statements had been made to the customer concerning those investments. FINRA Arbitration No. 17-01636 (Apr. 19, 2019).
Porrata’s registration with Oriental Financial Services Corp. has been terminated as of January 17, 2017. Since January 4, 2017, he has been registered with Nationwide Planning Associates Inc.
