Erez Law is currently investigating former Santander Securities LLC financial advisor Mariondy Fernandez (CRD# 2391134) regarding Puerto Rico bond losses. Fernandez has been registered with Santander Securities LLC in Dorchester, Massachusetts from 2009 to 2016.
Fernandez has been the subject of 18 customer complaints between 2014 and 2018, according to his CRD report:
- March 2018. “Client alleges, among other things, violations of securities laws and rules, negligence, breach of suitability duty, duty of fair dealing and duty to supervise, breach of fiduciary duty, breach of contract, and failure to supervise (Puerto Rico bonds and bond funds). Includes request for rescission, interest, costs and fees.” The case is currently pending.
- December 2017. “Client alleges, among other things, unsuitability, overconcentration, failure to supervise, aiding and abetting, violations of securities laws and rules, fraud, deceit, recklessness, negligence, breach of contract, breach of fiduciary duties, violations of PR contract law, (Puerto Rico bonds and closed-end funds). Includes request for rescission of contracts and loans, interest, fees, costs, and disgorgement of commission and fees.” The customer is seeking $666,469 in damages and the case is currently pending.
- December 2017. “Client alleges, among other things, overconcentration, unsuitability, breach of fiduciary duty, breach of contract, contractual negligence, fraud, constructive fraud, failure to supervise, and violations of securities laws and rules (Puerto Rico bonds and bond funds). Includes request for interest, costs and fees.” The customer is seeking $1,910,000 in damages and the case is currently pending.
- December 2017. “Client alleges, among other things, unsuitability, overconcentration, violations of securities laws and rules, fraud, breach of fiduciary duty, breach of good faith and fair dealings, negligence, failure to supervise, breach of contract, and gross and wanton negligence (Puerto Rico bonds, open-end and closed-end funds). Includes request for punitive damages, interest, costs and fees, disgorgement of commission and rescission.” The customer is seeking $97,836.45 in damages and the case is currently pending.
- September 2017. “Client alleges overconcentration in Puerto Rico municipal bonds.” Damage The customer is seeking $21,622 in damages and the case is currently pending.
- September 2017. “Client alleges overconcentration in Puerto Rico closed-end funds.” The customer is seeking $64,087 in damages and the case is currently pending.
- August 2017. “Client alleges, among other things, unsuitability, overconcentration, breach of fiduciary duties, negligence, negligent supervision, failure to supervise, fraud, breach of contract, and violations of securities laws and rules (Puerto Rico closed-end funds and bonds). Includes request for rescission, punitive damages, interest, and fees.” The case is currently pending.
- June 2017. “Client alleges, among other things, unsuitability, overconcentration, violations of securities laws and rules, fraud, breach of fiduciary duty, breach of good faith and fair dealings, negligence, failure to supervise, breach of contract, and gross and wanton negligence (Puerto Rico bonds and closed-end funds). Includes claims for punitive damages, interest, fees, disgorgement of commission and rescission.” The customer is seeking $139,177 in damages and the case is currently pending.
- May 2017. “Client alleges, among other things, unsuitability, overconcentration, violations of securities laws and rules, fraud, breach of fiduciary duty, breach of good faith and fair dealings, negligence, failure to supervise, breach of contract, gross and wanton negligence, and violations of rules and regulations for the financial protection of the elderly or handicap (Puerto Rico closed-end funds). Includes claims for punitive damages, interest, fees, disgorgement and rescission.” The customer sought $23,519 in damages and the case was settled for $11,000.
- October 2016. “Client alleges, among other things, unsuitability, overconcentration, fraud, violations of the securities laws, deceit, negligence, breach of contract, and breach of fiduciary duties (Puerto Rico bonds and closed-end funds).” The customer is seeking $4,000,000 in damages and the case is currently pending.
- June 2016. “Client alleges fraud, unsuitability, negligence, breach of contract, and breach of fiduciary duty (Puerto Rico closed-end funds).” The customer is seeking $610,146 in damages and the case is currently pending.
- January 2016. “Clients allege negligence, breach of fiduciary duty, negligent supervision and breach of contract (Puerto Rico closed-end funds).” The customer sought $4,085,000 in damages and the case was settled for $1,150,000.
- October 2015. “Client alleges fraud, deceit, recklessness and negligence (Puerto Rico municipal bonds and closed-end funds).” The customer is seeking $370,000 in damages and the case is currently pending.
- September 2015. “Clients allege fraud, deceit, recklessness and negligence (Puerto Rico municipal bonds and closed-end funds).” The customer is seeking $2,200,000 in damages and the case is currently pending.
- July 2015. “Clients allege fraud, deceit, recklessness and negligence (Puerto Rico municipal bonds and closed-end funds).” The client sought $405,503 in damages and the case was settled for $70,000.
- November 2014. “Clients allege fraud, breach of fiduciary duty, breach of contract, negligence, fraud and failure to supervise (Puerto Rico municipal bonds and closed-end funds).” The customer sought $903,298 in damages and the case was settled for $192,500.
- May 2014. “Client alleges fault, fraud, deceit, recklessness and negligence and rescission of contract.” The customer sought $811,234.46 in damages and the case was settled for $413,000.
- May 2014. “Breach of fiduciary duty – article 1802 of the civil code of puerto rico, 31 l.P.R.A. Section 5141; negligence – article 1802 of the civil code of puerto rico, 31 l.P.R.A. Section 5141; fraud – article 1802 of the civil code of puerto rico, 31 l.P.R.A. Section 5141; breach of contract; breach of contract – third party beneficiary; violation of the puerto rico uniform securities act; and violation of sections 10(b) of the securities exchange act and rule 10b-5 of the securities and exchange commission.” The customer sought $1 million in damages and the case was settled.
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, Santander Securities LLC may be liable for investment or other losses suffered by Fernandez’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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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