Merrill Lynch Customers Sue Over Unsuitable Puerto Rican Bonds

Jose E. Gonzalez Pumarada (CRD #: 1571751) is a general securities representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated (Guaynabo, Puerto Rico). FINRA BrokerCheck disclosed that Pumarada is subject of a pending consumer-initiated, investment-related arbitration from October 19, 2017 containing allegations against Pumarada of sales practice violations. The Merrill Lynch customer alleged in the October 19, 2017 arbitration that she was placed in Puerto Rican municipal bonds and closed-end funds that were both unsuitable and misrepresented. At least $250,000.00 in damages has been alleged by the customer. (Case #: 17-02713).

According to FINRA BrokerCheck, allegations of Pumarada’s sales practice violations are referenced in four previous consumer-initiated, investment-related disputes. The first one was a complaint filed by a Salomon Smith Barney customer on February 6, 2001, alleging that the customer’s instructions concerning options investments had not been followed. The customer also alleged that unauthorized options had been purchased for the customer’s account. Salomon Smith Barney denied the complaint on February 6, 2001.

Then, a Merrill Lynch customer filed an arbitration on June 25, 2014, alleging that unsuitable investment recommendations were made concerning the customer’s investments in municipal debt and closed-end funds. Moreover, the customer claimed that there were misrepresentations and omissions of information relating to her investments. Merrill Lynch settled the customer’s complaint for $15,000.00 on March 22, 2016. (Case #: 14-01828)

On September 22, 2015, another customer of Merrill Lynch brought an arbitration alleging omissions and misrepresentations of facts between October 2009 and September 2015 concerning municipal debt and closed-end funds. The customer claimed to have received unsuitable investment recommendations. The arbitration was settled on February 23, 2018 for $50,000.00.

Are you a victim of sales practice violations committed by Jose E. Gonzalez Pumarada or another broker or financial advisor? If so, contact The Law Office of Peter M. Spett at (561) 463-2799 for a free consultation regarding your legal rights and claims.

Customer Alleges National Planning Corporation Provided Poor Advice

Nancy Ellen Biddle (CRD #: 2134532) is a general securities representative who was registered with National Planning Corporation (St. Pete Beach, Florida) between June 19, 2006 and October 24, 2017. FINRA BrokerCheck discloses that Biddle has been subject of consumer-initiated, investment-related complaint from March 17, 2017 containing allegations against Biddle of poor investment advice while registered with National Planning Corporation. The customer alleged that Biddle made unsuitable recommendations concerning the purchase and liquidation of real estate investment trusts, causing the customer to experience damages exceeding $5,000.00.

According to FINRA BrokerCheck, this is the fifth consumer-initiated, investment-related dispute in which Biddle’s sales practices have been called into question. The first complaint was filed by a customer of Locus Street Securities who alleged that real estate investment trust purchases were not suitable given the customer’s age and liquidity needs. In addition, that customer alleged that the account was over-concentrated in real estate investment trusts. The complaint was settled on February 25, 2005 for $171,668.40 in damages.

The second complaint was filed on May 2, 2006, concerning a customer of ING Financial Partners, Inc. who alleged that there were unauthorized stock trades made in the customer’s investment account. The customer demanded $150,000.00 in damages. ING Financial Partners, Inc. denied the complaint on May 11, 2006. The third complaint dated May 9, 2013 involved a National Planning Corporation customer who alleged that a variable annuity was unsuitable for the customer. The firm stated that the customer’s alleged damages are greater than $5,000.00.

Another National Planning Corporation customer brought an arbitration on July 14, 2015, alleging negligence, breach of contract, breach of fiduciary duty and violation of FINRA and NASD rules in connection with the customer's real estate security holdings. National Planning Corporation agreed to pay the customer $12,500.00 to resolve the matter.

On October 18, 2017, Biddle became registered with FSC Securities Corporation in St. Pete Beach, Florida.

If you have incurred investment losses from Nancy Ellen Biddle, call the Law Office of Peter M. Spett at (561) 463-2799 for a free consultation concerning your legal rights and claims. Peter M. Spett has extensive experience recovering losses for investors who have been sold unsuitable securities by their brokers or advisors.