Erez Law is currently investigating Hilltop Securities Inc. financial advisor Walter Valenzuela (CRD# 2280224) regarding investment losses due to unsuitable investment recommendations. Valenzuela has been registered with Hilltop Securities Inc. in Del Mar, California since 2008.
Valenzuela has been the subject of seven customer complaints between 1999 and 2018, according to his CRD report. Recent complaints regarding Unit Investment Trusts (UITs) include:
- July 2018. “Unsuitable recommendations, misrepresentation, excessive trading.” The customer is seeking $3 million in damages and the case is currently pending.
- August 2017. “Customer alleges that the representatives misrepresented two UIT investments by failing to provide full disclosure regarding the fees and risks of the investments. Customer requests all losses be reimbursed.” The customer is seeking $5,000 in damages and the case is currently pending.
- August 2017. “Claimant alleges through attorney unsuitable recommendations, unsuitable use of margin, churning, financial exploitation, elder abuse and excessive mark-up/mark-down with respect to municipal bond and UIT trades executed in the account. Also alleges that the representative failed to obtain proper breakpoint discounts for UIT purchases. Subsequent arbitration Statement of Claim filed on November 8, 2017 alleges unsuitable investments, breach of fiduciary duty, excessive trading, misrepresentation and elder abuse.” The customer is seeking $9.5 million in damages and the case is currently pending.
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, Hilltop Securities Inc. may be liable for investment or other losses suffered by Valenzuela’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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