Erez Law is currently investigating former UBS Financial Services financial advisor Gerardo Barrera Jr. (CRD# 856204) regarding losses sustained from investments in Puerto Rico bonds. Barrera was registered with UBS Financial Services Incorporated of Puerto Rico in San Juan, Puerto Rico from 1994 through December 2017 and with UBS Financial Services Inc. in San Juan, Puerto Rico from 1992 until December 2017.
Barrera has been the subject of 18 customer complaints between 2013 and 2017, three of which were denied, according to his CRD report:
- July 2017. “Time frame: 2005 through 2014 Claimant alleges failure to inform her of the risks that her IRA account was exposed to and/or advise her to change the composition of her IRA Account given the downgrade of PR Bonds and the fact that the IRA Account held a large percentage of PR Bonds.” The case is currently pending.
- March 2017. “Time frame? 2006 – 2013 Claimant’s Counsel alleges misrepresentations and unsuitable recommendations resulting in the overconcentration of the clients accounts in CEFs.” The customer is seeking $858,898 in damages and the case is currently pending.
- July 2016. “Claimants allege misrepresentations, unsuitability and over concentration concerning their investments in closed-end funds. Time frame: unspecified.” The customer is seeking $500,000 in damages and the case is currently pending.
- July 2016. “Time frame: unspecified Claimant alleges misrepresentations, unsuitability, and over concentration concerning her investments in closed-end funds.” The customer is seeking $250,000 in damages and the case is currently pending.
- June 2016. “Time frame: unspecified Claimant alleges misrepresentations, unsuitability and over concentration concerning her investments in closed-end funds and Puerto Rico municipal bonds.” The customer is seeking $1,000,000 in damages and the case is currently pending.
- April 2016. “Time frame: unspecified Claimants allege misrepresentations, unsuitability, and over concentration concerning their investments in closed-end funds and Puerto Rico municipal bonds.” The customer is seeking $773,506.47 in damages and the case is currently pending.
- September 2015. “Claimant alleges unsuitability, overconcentration, and misrepresentations involving the recommendation of a Puerto Rico closed-end fund. Time frame: 2000 – September 2013.” The customer sought $800,000 in damages and the case was settled for $350,000.
- September 2015. “Claimant alleges unsuitability, overconcentration, and misrepresentations involving the recommendation of closed-end funds and Puerto Rico bonds, and the existence of an illicit loan scheme. Time Frame: 2009 – until date of termination of the arbitration.” The customer is seeking $326,313.58 in damages and the case is currently pending.
- September 2015. “Claimant alleges her investments in Puerto Rican closed-end bond funds and Puerto Rican bonds were unsuitable, overconcentrated and misrepresented as safe investments. July through December 2013.” The customer sought $260,000 in damages and the case was settled for $150,000.
- May 2015. “Claimant’s counsel alleges suitability, concentration and misrepresentation regarding closed end fund purchased in his account. Time frame: not stated.” The customer sought $430,907 in damages and the case was settled for $130,000.
- July 2014. “Time frame: 2012 Claimant alleges that fa failed to follow instruction to sell securites.” The customer sought $500,000 in damages and the case was settled for $125,000.
- April 2014. “Claimants allege recommendation of unsuitable, risky closed-end funds and failure to disclose the risks of the investment. Time frame: unspecified.” The customer sought $3,276,766 in damages and the case was settled for $200,000.
- January 2014. “Time frame: unspecified. Claimant alleges recommendations of closed-end funds were unsuitable.” The customer sought $927,329 in damages and the case was settled for $201,800.
- December 2013. “Time frame: 2004-present Claimant alleges unsuitability and misrepresentations in connection with recommendations of closed-end funds.” The customer sought $584,645 in damages and the case was settled for $170,000.
- January 2013. “Customer alleges that recommendations for his business accounts were unsuitable and overly-concentrated in puerto securities. Time frame: 2009-2010.” The customer sought $1,725,000 in damages and the case was settled for $500,000.
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, UBS Financial Services may be liable for investment or other losses suffered by Barrera’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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