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Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker Roberto Fernandez Accused of Unsuitable Investment Recommendations

Posted on Wednesday, December 18th, 2019 at 9:29 pm    

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Have you suffered losses due to investments with Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Roberto Fernandez (CRD# 1404389)? Fernandez has been registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Miami, Florida and Guaynabo, Puerto Rico since 2007.

Fernandez has been the subject of five customer complaints between 2012 and 2019, one of which was closed without action, according to his CRD report:

August 2019. “The customer alleges unsuitable investment recommendations and misrepresentation.” The customer is seeking $1,260,000 in damages and the case is currently pending.

November 2018. “The Customer alleges unsuitable investment recommendations and misrepresentation.” The case is currently pending.

June 2017. “The Customers allege unsuitable investment recommendations, unauthorized trading and misrepresentation and omission of material facts from November 2010 to June 2017.” The case was settled for $380,000.

December 2015. “The Customer alleges unauthorized trading, unsuitable investment recommendations and misrepresentation and omission of material facts from April 2012 to September 2014.” The customer sought $90,000 in damages and the case was settled for $16,550.

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, Merrill Lynch, Pierce, Fenner & Smith Incorporated 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.