Erez Law is currently investigating former Citi Private Advisory, LLC broker Angel Ferrer (CRD# 4220368) regarding allegations that he overconcentrated positions in a healthcare company in the accounts of an Emmy award-winning news anchor. He has been registered with and acted as a salaried banker with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Coral Gables, Florida, since 2022.
Previously, he was registered with Citi Private Advisory, LLC in Miami, Florida, from 2017 to 2022, and with Citigroup Global Markets Inc. in Miami, Florida, from 2010 to 2022.
Angel Ferrer Customer Complaint
He has been the subject of one customer complaint, according to his CRD report.
In August 2023, former CNN anchor Richard “Rick” Sanchez (Rick Sanchez) and his wife, filed a FINRA arbitration against Citi Private Advisory, LLC related to investments with broker Angel Ferrer. The complaint alleges, “Claimants allege breach of fiduciary duty, negligence, fraud, breach of contract, third party beneficiary breach of contract, violation of Regulation BI, and negligent supervision related to alleged failure to provide advice on a concentrated position and alleged recommendation to use a line of credit to further concentrate their assets.”
The customer is seeking $56,000,000 in damages, and the case is currently pending.
The complaint was regarding allegations that he overconcentrated a customer’s assets in a struggling healthcare company, Cano Health. The Miami-based healthcare company operates primary care centers for seniors. The facility went public in 2021 “through a special purpose acquisition company backed by real estate investor Barry Sternlich.” It is alleged that the investment has lost 99% of its market value, and it has laid off employees and undergone a reshuffling of its board.
In August 2023, Reuters indicated that Cano Health’s shares were down 48%.
Public records indicate that he encouraged his client to “use a line of credit to add to his position.”
According to his LinkedIn profile, Rick Sanchez was co-founder and chief marketing officer from 2015 to 2018
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Citi Private Advisory, LLC may be liable for investment or other losses suffered by Angel Ferrer’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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