Hortensia Llavat Tilen of San Juan Puerto Rico a stockbroker formerly employed by Santander Securities LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $3,000,000.00 in damages supported by accusations that (1) the firm failed to supervise Tilen’s closed-end funds and municipal debt transactions in the customer’s account (2) the customer’s account was handled in a negligent manner (3) contractual obligations to the customer had been breached (4) fiduciary duties owed to the customer were violated (5) the customer’s account had been allocated in unsuitable investments and over-concentrated in overly speculative products and (6) the customer was defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00189 (Jan. 14, 2019).
FINRA Public Disclosure confirms that Tilen has been identified in eighty more customer initiated investment related disputes containing allegations of her violative conduct while employed with securities broker dealers including Santander Securities LLC. In particular, a customer filed an investment related arbitration claim regarding Tilen’s conduct in which the customer requested $2,200,000.00 in damages founded on accusations that securities rules and laws had been violated with regard to the trades placed in the customer’s account; the customer’s account lacked supervision and was poorly administered; there was a breach of contractual and fiduciary duties owed to the customer; and the customer was fraudulently placed in mutual fund, stock and municipal debt investments that caused the customer to incur investment losses. FINRA Arbitration No. 18-03182 (Oct. 9, 2018).
Another customer filed an investment related arbitration claim involving Tilen’s activities where the customer sought $918,813.31 in damages based upon allegations including gross negligence; breach of contract; failure to supervise; breach of good faith and fair dealing; breach of fiduciary duty; over-concentration; unsuitability; securities law violations; and fraud with regard to the customer’s investments in mutual funds and Puerto Rico municipal debt investments. FINRA Arbitration No. 18-03310 (Oct. 18, 2018).
Moreover, Tilen is referenced in a customer initiated investment related arbitration claim in which the customer requested $47,000.00 in damages supported by accusations of fiduciary and contractual duties being breached; the customer’s account being mismanaged and left unsupervised; transactions being executed in violation of FINRA Rules and securities laws; and an unsuitable scalping strategy being implemented with the customer’s assets, causing the customer to suffer unwarranted investment losses. FINRA Arbitration No. 18-03920 (Dec. 7, 2018). Further, a customer filed an investment related arbitration claim concerning Tilen’s conduct where the customer sought $555,000.00 in damages founded on allegations that Tilen’s trading was not adequately supervised by Santander Securities LLC; and fraudulent closed end fund transactions were effected in the customer’s account. FINRA Arbitration No. 18-03946 (Dec. 13, 2018).
Tilen’s registration with Santander Securities LLC has been terminated as of December 12, 2018. Since March 5, 2018, Tilen has been registered with Stonecrest Capital Markets Inc.
