CLARA ISABEL FERNANDEZ COLORADO is currently employed as a Broker and/or Investment Adviser at ORIENTAL FINANCIAL SERVICES CORP. located at 997 SAN ROBERTO STREET, ORIENTAL GROUP TOWER 9TH FLOOR, SAN JUAN, PR, 00926.
CLARA ISABEL FERNANDEZ COLORADO has worked at ORIENTAL FINANCIAL SERVICES CORP. since June 08, 1993
Disclosure History
CLARA ISABEL FERNANDEZ COLORADO has 3 Disclosure Event(s).
Date: April 04, 2018 Category: Customer Dispute Allegations: period- 2005 to 2011. Alleges Reckless and unsuitable concentration in PR bonds and PR OEF, failed to disclose the risk of default of defaul of PR bonds, breach fid duty, negligent supervision, fraud,breach of contract Damage Amount Requested: $878,334.00
Date: March 21, 2014 Category: Customer Dispute Allegations: CUSTOMER CLAIMS COMPENSATORY DAMAGES OF APPROXIMATELY $800,000 SUFFERED AS A RESULT OF UNSUITABLE AND MATERIALLY MISLEADING INVESTMENT ADVISE GIVEN TO THE TRUST BY IT ORIENTAL FINANCIAL ADVISOR CONCERNING UNSUITABLE OVER CONCENTRATION OF THEIR BROKERAGE ACCOUNTS INTO PUERTO RICAN MUNICIPAL DEBT AND LEVERAGED BOND FUNDS, FAILURE TO FULLY DISCLOSE THE SERIOUS RISKS ASSOCIATED WITH THE BOND FUNDS INCLUDING INTERNAL LEVERAGE AND LACK OF LIQUIDITY AND FAILING TO DIVERSIFY AND REDUCE THE TRUST'S RISK AND EXPOSURE AS THE PUERTO RICAN ECONOMY SUFFERED A SEVER DOWNTURN AND ITS CREDIT RATINGS COLLAPSED. Damage Amount Requested: $800,000.00 Settlement Amount: $17,500.00 Broker Comment: THE CUSTOMER'S ACCOUNT WAS TRANSFERRED TO OFS THROUGH AN ACAT RECEIVED FROM ANOTHER BROKER DEALER. THE INCOMING INVESTMENT PORTFOLIO WAS INVESTED IN PR BONDS AND CLOSED- END MUTUAL FUNDS. DUE TO THE LIMITED LIQUIDITY OF THE CLOSED END FUNDS, I RECOMMENDED THE CUSTOMER TO SHIFT HER INVESTMENTS TO OPEN END MUTUAL FUNDS IN ORDER TO IMPROVE THE LIQUIDITY AND HAVE A MATURITY DATE. DURING THE LAST TWO YEARS, I HAVE MADE INVESTMENT RECOMMENDATIONS TO THE CUSTOMER TO DIVERSIFY INVESTMENTS OUTSIDE OF PUERTO RICO TO WHICH SHE AGREED. THROUGHOUT THE DIVERSIFICATION PROCESS, SHE PURCHASED INVESTMENTS OUTSIDE OF PUERTO RICO WITH YIELDS LOWER THAN THOSE OF THE PR INVESTMENTS. AS A RESULT, THE CUSTOMER SEEMED UPSET ABOUT THE DECREASE IN HER INCOME, AS SHE OWED A CONSIDERABLE AMOUNT IN MORTGAGE DEBT. ALL THE INVESTMENT TRANSACTIONS WERE DISCUSSED WITH, ULTIMATELY AUTHORIZED, BY THE CUSTOMER. THE INVESTMENTS PROCESS INVOLVED INITIAL DISCUSSIONS WITH THE CUSTOMER AND SUBSEQUENT CONVERSATIONS WITH HER ACCOUNTANT. IN ADDITION, THE CUSTOMER HAD NOTIFIED ME THAT SHE HAD TWO ADDITIONAL ADVISORS, WITH WHOM THE CUSTOMER HAD CONSULTED. THE CUSTOMER WAS FULLY AWARE OF HER INVESTMENTS AND THE RISKS INVOLVED. THE CUSTOMER HAD NOT PREVIOUSLY EXPRESSED A CONCERNED OR FILED A CLAIM RELATED WITH MY SERVICES AS HER INVESTMENT ADVISOR.
Date: January 03, 2011 Category: Customer Dispute Allegations: CUSTOMERS CLAIM LOSS DUE UNSUITABLE RECOMMENDATION FROM THEIR BROKER. Damage Amount Requested: $148,000.00 Settlement Amount: $40,000.00 Broker Comment: BROKER OF RECORD COMMENTED THAT THE TRANSACTIONS WERE AUTHORIZED BY THE CUSTOMER AND AT THE TIME OF PURCHASE WERE SUITABLE FOR THE CUSTOMER.THIS CASE IS SETTLED. ORIENTAL FINANCIAL SERVICES WILL PAY $40,000.00 TO [CUSTOMER]. FOR [CUSTOMER], ORIENTAL AGREES TO VOLUNTARILY DISMISS THE CIVIL ACTION ORIENTAL FIANANCIAL SERVICES VS. [CUSTOMER], KAC2011-1323(807).
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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