Willie L. Vales, of Conshohocken, Pennsylvania, a stockbroker formerly registered with Santander Securities LLC, is the subject of a customer initiated investment related arbitration claim on February 27, 2017, based upon allegations including violation of securities laws, breach of contract, breach of fiduciary duty, over-concentration, and misrepresentation pertaining to exchange traded funds effected in the customer’s investment account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on May 18, 2015, a customer initiated investment related arbitration claim involving Vales’ conduct was settled for $7,250.00 in damages supported by allegations that Vales, while associated with Wells Fargo Advisors, LLC, effected unauthorized transactions in the customer’s account, and placed transactions that were neither suitable for the customer nor represented accurately. Moreover, on June 15, 2016, a customer filed an investment related written complaint regarding Vales’ activities, in which the customer sought $225,000.00 in damages based upon allegations that Vales sold the customer exchange traded funds and real estate investments away from his firm.
Vales was fired from Santander Securities on November 4, 2016, based upon the firm’s allegations that he effected private securities transactions, improperly corresponded with a customer of the firm, and misled Santander Securities throughout an investigation into allegations of Vales’ sales practice violations. Vales was also terminated from his previous employer, Merrill Lynch, Pierce, Fenner & Smith Inc., on March 21, 2014, based upon the firm’s allegations that Vales took part in the altering of customer account documents.
Guiliano Law Group
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