Former Morgan Stanley broker Francisco Valenzuela (CRD# 2786970) was accused of unsuitable investment recommendations. He was registered with Morgan Stanley in Tucson, Arizona from 2015 to 2018. Previously, he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Tucson, Arizona from 2010 to 2015.
Francisco Valenzuela Customer Complaints
He has been the subject of four customer complaints between 2005 and 2020, one of which was denied, according to his CRD report. The most recent complaints are regarding:
October 2020. “The customer alleges excessive trading, unsuitable investment recommendations and misrepresentations.” The customer sought $500,000 in damages and the case was settled for $90,000. The complaint was regarding mutual fund losses.
February 2020. “Client’s attorney alleged, inter alia, unsuitability with respect to corporate bond investments – June 2016 to February 2020.” The customer sought $500,000 in damages and the case was settled for $160,000 in compensatory damages to be paid by both Francisco Valenzuela and Morgan Stanley, as well as $10,000 in attorney’s fees. The complaint was regarding corporate debt.
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, Morgan Stanley may be liable for investment or other losses suffered by Francisco Valenzuela’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.