Robert Luis Maldonado of Guaynabo Puerto Rico a stockbroker formerly registered with Santander Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages founded on allegations of (1) violations of securities laws (2) breach of contract (3) supervisory failures (4) negligence (5) breach of fiduciary duty (6) unsuitability (7) over-concentration and (8) fraud concerning the customer’s investments in closed-end funds and municipal debt products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Maldonado is referenced in seventeen more customer initiated investment related disputes pertaining to accusations of his misconduct while employed with Santander Securities LLC. Particularly, a customer initiated investment related arbitration claim concerning Maldonado’s activities was resolved for $135,000.00 in damages supported by allegations that fiduciary and contractual obligations had been breached; the customer’s account was handled in a fraudulent manner; transactions were not suitable for the customer; and the customer’s account activities lacked supervision from Santander Securities LLC. FINRA Arbitration No. 16-00836 (Mar. 22, 2016).
Another customer filed an investment related arbitration claim involving Maldonado’s activities in which the customer requested $6,400,000.00 in damages based upon accusations that the customer’s account was inadequately supervised by Santander Securities; the customer was falsely induced into inaction; the customer’s account was negligently handled; there was a breach of contractual and fiduciary duties owed to the customer; and the customer became victim to fraudulent activities. FINRA Arbitration No. 18-02150 (June 11, 2018).
Moreover, a customer filed an investment related arbitration claim regarding Maldonado’s conduct where the customer sought $674,000.00 in damages founded on allegations that, among other things: the customer was placed into mutual funds, bank stock and municipal debt products that were inappropriate for the customer, resulting in an over-concentration of bad investments in the customer’s account. FINRA Arbitration No. 18-02150 (June 11, 2018). Another customer filed an investment related arbitration claim concerning Maldonado’s activities in which the customer requested at least $100,000.00 in damages supported by accusations that the customer’s account was negligently supervised, and securities transactions were fraudulently placed in the customer’s account in violation of securities laws. FINRA Arbitration No. 18-02784 (Aug. 7, 2018).
Thereafter, a customer filed an investment related arbitration claim involving Maldonado’s conduct where the customer sought $245,000.00 in damages based upon allegations including: securities laws violations; recklessness; deceit; and fraudulent concealment of the risks pertaining to the customer’s investments in closed-end funds. FINRA Arbitration No. 18-03015 (Aug. 24, 2018). Another customer filed an investment related arbitration claim regarding Maldonado’s activities in which the customer requested $810,000.00 in damages founded on accusations including, inter alia: unsuitability; over-concentration; breach of contract; breach of fiduciary duty; failure to supervise; negligence; and fraud in regard to the customer’s mutual fund and municipal debt investments. FINRA Arbitration No. 18-03236 (Sept. 14, 2018).
Maldonado’s registration with Santander Securities LLC was terminated on July 26, 2017. Since July 21, 2017, Maldonado has been employed by Independent Financial Group, LLC.
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