MIGUEL R CORREA CESTERO

MIGUEL R CORREA CESTERO is currently employed as a Broker and/or Investment Adviser at POPULAR SECURITIES, LLC located at 209 PONCE DE LEON AVENUE, PLAZA LEVEL, SAN JUAN, PR, 00918.

MIGUEL R CORREA CESTERO has worked at POPULAR SECURITIES, LLC since July 28, 1997

Disclosure History

MIGUEL R CORREA CESTERO has 7 Disclosure Event(s).

Date: May 15, 2018
Category: Customer Dispute
Allegations: Claimant alleges that Financial Consultant investment recommendations to purchase and to hold P.R. securities were unsuitable in light of the clients' risk tolerance. Claimants also allege that recommendations made by the Financial Consultant were particularly egregious in light of Puerto Rico's well known deteriorating financial condition.
Damage Amount Requested: $5,652,111.42
Broker Comment: The Financial Consultant denies the allegations and intends to defend them vigorously.

Date: February 14, 2018
Category: Customer Dispute
Allegations: Claimant alleges that Financial Consultant investment recommendations to purchase and to hold P.R. securities were unsuitable in light of the clients' risk tolerance. Claimants also allege that recommendations made by the Financial Consultant were particularly egregious in light of Puerto Rico's well known deteriorating financial condition.
Damage Amount Requested: $3,991,556.59
Broker Comment: THE FINANCIAL CONSULTANT DENIES THE ALLEGATIONS AND INTENDS TO DEFEND THEM VIGOROUSLY.

Date: February 01, 2018
Category: Customer Dispute
Allegations: Claimant alleges that Financial Consultant investment recommendations to purchase and to hold P.R. securities were unsuitable in light of the clients' risk tolerance. Claimants also allege that recommendations made by the Financial Consultant were particularly egregious in light of Puerto Rico's well known deteriorating financial condition.
Damage Amount Requested: $1,000,000.00
Broker Comment: THE FINANCIAL CONSULTANT DENIES ANY ALLEGATIONS AND INTENDS TO DEFEND THEM VIGOROUSLY.

Date: December 21, 2015
Category: Customer Dispute
Allegations: Claimants allege that Financial Consultant made recommendations to purchase and to hold P.R. closed-end funds and P.R. bonds, P.R. Consv.Trust resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client's stated risk tolerance and investment objective.
Damage Amount Requested: $1,173,866.00
Broker Comment: The Financial Consultant denies the allegations and intends to defend them vigorously.

Date: November 02, 2015
Category: Customer Dispute
Allegations: Claimant alleges that Financial Consultant made recommendations to purchase and to hold P.R. closed-end funds and P.R. bonds, resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client's stated risk tolerance and investment objective.
Damage Amount Requested: $1,300,000.00
Broker Comment: The Financial Consultant denies the allegations and intends to defend them vigorously.

Date: October 30, 2015
Category: Customer Dispute
Allegations: Claimant alleges that Financial Consultant made recommendations to purchase and to hold P.R. closed-end funds and P.R. bonds, resulting in an over concentrated and high risk portfolio, which was unsuitable in light of the client's stated risk tolerance and investment objective.
Damage Amount Requested: $5,300,000.00
Broker Comment: The Financial Consultant denies the allegations and intends to defend them vigorously.

Date: February 26, 2015
Category: Customer Dispute
Allegations: CLIENT ALLEGE THAT FINANCIAL CONSULTANT INVESTMENT RECOMMENDATIONS TO PURCHASE AND TO HOLD P.R. CLOSE-END FUNDS AND P.R. BONDS RESULTED IN AN OVER CONCENTRATED AND HIGH RISK PORTFOLIO, WHICH WERE UNSUITABLE POSITIONS IN LIGHT OF THE CLIENT'S RISK TOLERANCE. CLAIMANTS ALSO ALLEGE THAT FINANCIAL CONSULTANT MADE MISLEADING REPRESENTATIONS REGARDING THE PRODUCTS RISKS AND LIQUIDITY. CLAIMANT ALSO STATES THAT THE FINANCIAL CONSULTANT ARRANGED TO HAVE THE CLAIMANT BORROW IN EXCESS OF $300,000 USING MARGIN LOAN AND FAILED TO DISCLOSED THE RISKS ATTENDANT TO THE USE OF LEVERAGE.
Damage Amount Requested: $100,000.00
Settlement Amount: $60,000.00
Broker Comment: THE AFOREMENTIONED SECURITIES AT THE TIME OF PURCHASE WERE RATED AT LEAST "INVESTMENT GRADE". SECURITIES WERE PURCHASED BY THE CLAIMANT TWO YEARS PRIOR TO RESPONDENT'S ACQUISITION OF ACCOUNT. ALSO, THE RESPONDENT ENCOURAGED CLIENT TO DIVERSIFY AWAY FROM PR BONDS. THE CLAIMANT REQUESTED A MARGIN CREDIT FACILITY FROM THE BROKER/DEALER. THE RISKS OF LEVERAGE WERE DISCLOSED TO CLIENT AT ALL TIMES, IN THE MARGIN AGREEMENT THAT HE SIGNED AND EVERY TIME CLAIMANT'S CREDIT AVAILABILITY WAS CONFIRMED IN WRITING.

More Information

All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.

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.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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