Oscar Andres Rico of Boca Raton Florida a stockbroker formerly registered with The GMS Group LLC is the subject of a customer initiated investment related written complaint which settled for $60,000.00 on December 20, 2018 based upon accusations that Rico made false or misleading statements to the customer concerning Puerto Rico municipal debt investments that were purchased by the customer in July of 2017 and have since underperformed.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Rico is referenced in two more customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with The GMS Group. Particularly, on March 16, 2016, a customer initiated investment related complaint involving Rico’s activities was resolved for $20,000.00 in damages supported by accusations that the customer was induced into purchasing municipal debt investments based on misrepresentations being made concerning the risks of those investments.
Then, a customer initiated investment related arbitration claim regarding Rico’s conduct was settled to resolve allegations that corporate and municipal bonds had been inappropriately recommended to the customer, and false or misleading statements had been made with respect to the risks of those debt investments. FINRA Arbitration No. 16-03112 (Jan. 25, 2018).
Rico’s registration with The GMS Group, LLC was terminated on November 6, 2018. Since November 2, 2018, Rico has been employed by Oppenheimer Co. Inc.
