JOSE EMILIO MEDINA FERMIN is currently employed as a Broker and/or Investment Adviser at POPULAR SECURITIES, LLC located at 208 AVENUE PONCE DE LEON, POPULAR CENTER SUITE 1200, SAN JUAN, PR, 00918-1035.
JOSE EMILIO MEDINA FERMIN has worked at POPULAR SECURITIES, LLC since December 08, 2007
Disclosure History
JOSE EMILIO MEDINA FERMIN has 6 Disclosure Event(s).
Date: February 27, 2018 Category: Customer Dispute Allegations: Complainant alleged that Financial Consultant investment recommendations to purchase and to hold P.R. securities were unsuitable in light of the clients' risk tolerance. Claimants also alleged that recommendations made by the Financial Consultant were particularly egregious in light of Puerto Rico's well known deteriorating financial condition. Damage Amount Requested: $100,000.00 Broker Comment: The financial consultant was not involved in the account during the period when the alleged transactions took place. The financial consultant has never given any advice to the complainant neither to buy, nor to sell or hold any security.The Financial Consultant denies these allegations and intends to defend them vigorously.
Date: June 10, 2016 Category: Customer Dispute Allegations: Claimants allege that Financial Consultant's investment recommendations to purchase and to hold P.R. closed-end funds and P.R. bonds resulted in an over concentrated and high risk portfolio, which was unsuitable in light of the clients' stated risk tolerance and investment objectives. Claimants also allege that Financial Consultant failed to diversify their portfolio and made misleading representations regarding the products' risks and liquidity. Claimants also state that the Financial Consultant recommended that Claimants borrow against the securities using margin loan that lead to the economic losses sustained by Claimants. Claimants allege that Financial Consultant manipulated their stated profile and investment objectives in the New Account Documents to falsely increase the classification of their risk tolerance. Damage Amount Requested: $20,000,000.00 Broker Comment: THE FINANCIAL CONSULTANT DENIES THE ALLEGATIONS AND INTENDS TO DEFEND THEM VIGOROUSLY./Since 2005, the financial consultant has been advising the claimant to diversify the portfolio away from Puerto Rico assets and recommended to open a diversified managed account. The financial consultant always disclosed the risks and returns for all the recommendations. In addition, the financial consultant advised against the use of margin to purchase securities; the claimant signed a letter acknowledging his solicitation to use margin and the risks involved. Lastly, the financial consultant never manipulated their stated profile and investment objectives in the New Account Documents to falsely increase the classification of their risk tolerance as Claimants stated.
Date: December 24, 2014 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE THAT FINANCIAL CONSULTANT INVESTMENT RECOMMENDATIONS TO PURCHASE P.R. BONDS AND BOND FUNDS RESULTED IN AN OVER CONCENTRATED AND HIGH RISK PORTFOLIO, WHICH WEREUNSUITABLE POSITIONS IN LIGHT OF THE CLIENT'S RISK TOLERANCE. CLAIMANTS ALSO ALLEGE THAT FINANCIAL CONSULTANT MADE MISLEADING REPRESENTATIONS REGARDING THE PRODUCTS RISKS. CLAIMANT ALSO STATES THAT THE FINANCIAL CONSULTANT FAILED TO PROPERLY ASSET ALLOCATE AND DIVERSIFY IN THE TRUST IN WHICH THE CLAIMANT IS BENEFICIARY. Damage Amount Requested: $300,000.00 Settlement Amount: $49,000.00 Broker Comment: REGARDING THE ALLEGATIONS:1- AS OF TODAY AND AS PER MARKET VALUE BASIS, PR MUNI BONDS REPRESENT 35% OF THE PORTFOLIO. THERE IS NO PR BOND FUND IN THE PORTFOLIO.2-CLIENT RISK TOLERANCE IS MODERATE-AGGRESSIVE AS PER THE ORIGINAL CLIENT AGREEMENT DOCUMENT'S, BASED ON THE HIGH LEVEL OF INCOME NEEDED TO COMPLY WITH THE MONETARY DEMANDS OF THE BENEFICIARY (TWO SEPARATE ALIMONY PAYMENTS PLUS MISCELLANEOUS EXPENSES).3-PRODUCT RISKS HAVE ALWAYS BEEN DISCLAIMED TO THE PREVIOUS AND ACTUAL TRUSTEES. NO TRANSACTION HAVE BEEN EXECUTED WITHOUT THE PREVIOUS APPROVAL OF THE TRUSTEES.PR BONDS WERE QUALIFIED AS INVESTMENT GRADE BY THE TIME THEY WERE ACQUIRED.4-PORTFOILO'S ASSET ALLOCATION IS :41% STOCKS (LARGE CAP, MULTI CAP AND INTERNATIONAL),3% US MUNI BOND FUNDS,15% PR PREFERRED (FINANCIAL-HEALTH CARE SECTORS),3% PR REVENUE BOND- FINANCIAL, CASH 3% AND PR MUNI BONDS 35%.-----FINANCIAL CONSULTANT CONTINUES TO DENY ANY ALLEGATIONS OF WRONGDOING. THE FINANCIAL CONSULTANT STATES THAT CLAIMANT'S PORTFOLIO WAS DIVERSIFIED AND SUITABLE IN LIGHT OF THE CLAIMANT'S STATED GOALS AND FINANCIAL SITUATION.THE FINANCIAL CONSULTANT HAD ALREADY TAKEN STEPS TO DIVERSIFY CLAIMANT'S HOLDINGS, WHICH MINIMIZED THE IMPACT WHEN THE PUERTO RICAN SECURITIES DECLINED IN VALUE AS THE ISLAND'S ECONOMY CONTINUED TO DETERIORATE.THE FINANCIAL CONSULTANT DID NOT CONTRIBUTE TO THE SETTLEMENT. THE FINANCIAL CONSULTANT WAS NOT IN AGREEMENT WITH SETTLING THE CLAIM AND WAS READY TO DEFEND IT IN FRONT OF A HEARING PANEL.
Date: September 26, 2006 Category: Customer Dispute Allegations: CLIENTS ALLEGED THAT THEY DID NOT AUTHORIZE THE SALES OF THEIR CLOSED END FUNDS AND THE PURCHASES OF GNMAS WITH THE PROCEEDS FROM THE SALES- SEPT 2006. DAMAGES UNSPECIFIED. Broker Comment: CLAIM DENIED.
Date: July 08, 2005 Category: Customer Dispute Allegations: CLIENT ALLEGED MISREPRESENTATION WITH RESPECT TO INVESTMENT-11/15/01-11/15/04.DAMAGES UNSPECIFIED. Broker Comment: CLIENT SENT LETTER RESCINDING HIS COMPLAINT.
Date: August 20, 2001 Category: Customer Dispute Allegations: THE CLIENT ALLEGED FAILURE TO FOLLOW INSTRUCTIONS AND MISREPRESENTATION. MARCH 2001 THROUGH JULY 2001. ALLEGED DAMAGES UNSPECIFIED. Broker Comment: THE CLIENT'S CLAIM WAS DENIED.
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