Ricardo Antonio Rodriguez Vazquez of Guaynabo Puerto Rico a stockbroker formerly employed by Santander Securities LLC is the subject of a customer initiated investment related arbitration claim on April 10, 2018 where the customer sought $979,000 in damages based upon accusations of (1) negligence (2) failure to supervise (3) breach of the duty of good faith and fair dealing (4) breach of contract (5) violations of securities rules and laws (6) breach of fiduciary duty (7) unsuitability (8) over-concentration and (9) fraud in reference to closed-end funds and municipal debt products held in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01294 (Apr. 9, 2018).
FINRA Public Disclosure reveals that Vazquez is referenced in eleven additional customer initiated investment related disputes concerning allegations of his violative conduct while associated with Santander Securities LLC. In particular, on February 28, 2003, a customer filed an investment related complaint regarding Vazquez’s conduct in which the customer requested $380,000.00 in damages supported by accusations that transactions were effected in the customer’s account that were not suitable for the customer; the customer’s account was churned; and the customer’s account was over-concentrated in speculative over-the-counter technology stocks.
Then, a customer initiated investment related arbitration claim concerning Vazquez’s activities was resolved for $60,000.00 in damages founded on allegations that transactions were executed in the customer’s account that were unsuitable; contractual obligations to the customer were left unfulfilled; the customer’s account lacked supervision; transactions were handled in a negligent fashion; fiduciary duties owed to the customer had been breached; and the customer had been defrauded. FINRA Arbitration No. 14-02248 (Aug. 19, 2014).
Thereafter, a customer initiated investment related arbitration claim involving Vazquez’s conduct was settled for $16,000.00 in damages based upon accusations that the customer’s account was negligently administered, and the customer was fraudulently deceived in reference to the closed-end fund and municipal bond trades placed in the customer’s account. FINRA Arbitration No. 14-02671 (July 23, 2015).
Subsequently, a customer initiated investment related arbitration claim regarding Vazquez’s activities was resolved for $80,000.00 in damages supported by allegations of the failure to supervise Vazquez’s activities in the customer’s account; over-concentration of risky investments; unsuitability; omissions and misrepresentations; negligence; breach of contract; and breach of fiduciary duty. FINRA Arbitration No. 16-01652 (Aug. 6, 2018).
Another customer filed an investment related arbitration claim concerning Vazquez’s activities where the customer sought $1,400,000.00 in damages based upon accusations that securities laws had been violated; the customer was defrauded; a fiduciary obligation to the customer had been breached; and inappropriate investment transactions had been placed in the customer’s account. FINRA Arbitration No. 17-02111 (Aug. 14, 2017).
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