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Broker Complaints: Oriental Financial Services (CRD# 29753)

The nationally acclaimed, New York based securities and investment fraud law firm, Fitapelli Kurta, is currently investigating claims against Oriental Financial Services.

Oriental Financial Services is a broker-dealer firm formed in Puerto Rico in 1991. Oriental Financial Services is registered with both the SEC and FINRA and has offices in Puerto Rico, Texas, Virginia, New York, New Jersey, Florida and the District of Columbia.

Oriental Financial Services has a history of customer complaints and FINRA violations. The following are notable customer complaints or FINRA violations on the part of Oriental Financial Services or its brokers:

  • In December 2014, Oriental Financial Services was fined $245,000 by FINRA. According to Oriental Financial Services’ BrokerCheck Report, Oriental Financial Services failed to disclose markups and markdowns on customer’s trade confirmations. Specifically, between 2000 and 2013, Oriental Financial Services failed to disclose around $2.9 million in markups and markdowns to its customers on trade confirmations.
  • In April 2012, Oriental Financial Services was fined $15,000 by FINRA for failing to file customer complaints in a timely manner. According to their BrokerCheck Report, Oriental Financial Services also failed to disclose other reportable events.
  • A customer complaint is currently pending arbitration with FINRA against former Oriental Financial Services broker, Richard Lee Prann. According to Richard Lee Prann’s FINRA BrokerCheck Report, the customer has alleged misrepresentation and omissions of material facts as well as unsuitable recommendations, fraud and negligence. The customer has also complained of failure to supervise on the part of Richard Lee Prann’s former broker-dealer firm, Oriental Financial Services. The customer is seeking $1.5 million dollars in damages against Richard Lee Prann and Oriental Securities.
  • Another customer complaint is pending with FINRA against current Oriental Financial Services broker, Luis A. Casaresmaduro. According to Luis A. Casaresmaduro’s BrokerCheck Report, the customer has alleged she only gave Luis A. Casaresmaduro permission to invest in principal protected investments, however Luis A. Casaresmaduro invested the customer in non-pricnipal protected investments. The customer is seeking $115,000 in restitution against Luis A. Casaresmaduro and Oriental Financial Services.
  • In July 2011 a customer complaint was settled against current Oriental Financial Services broker, Hector L. Colón Rivera. According to Hector L. Colón Rivera’s BrokerCheck Report, the customer complained of unsuitable investments on the part of Hector L. Colón Rivera, while he was employed at Oriental Financial Services.  The customer sought $100,000 in damages and the case settled for $15,000 in favor of the customer.
  • Current Oriental Financial Services broker, Carlos E. Comas Rodon has two customer complaints on his BrokerCheck Report, both occurring in 2011. The first customer complaint filed against Carlos E. Comas Rodon alleged $200,000 in losses as a result of unsuitable investments. The case eventually settled before reaching arbitration for $57,500. The second customer complaint filed against Carlos E. Comas Rodon alleged Carlos E. Comas Rodon failed to meet the investor’s objective and recommended unsuitable investments for the customer. That customer sought over $538,000 in damages against Carlos E. Comas Rodon and the case settled for $150,000.
  • Current Oriental Financial Services broker, Alexis J. Crespo Perez has two pending customer complaints, according to his BrokerCheck Report. Both complaints, filed in April 2014, allege unsuitable investments and over concentration in risky Puerto Rico bond funds. The first customer is seeking $65,000 in damages, while the second customer is seeking $50,000 in damages.
  • Current Oriental Financial Services broker, Francisco R. De Torres Highley III has had six customer complaints filed against him in the last nine years, one of which is still pending. The pending customer complaint against Francisco R. De Torres Highley III alleges unsuitable investment recommendations and exposure of their accounts to Puerto Rico Municipal Bonds and Bond Funds. That customer is seeking $400,000 in damages. Another complaint filed against Francisco R. De Torres Highley III alleged Francisco R. De Torres Highley III failed to tell the customer of their losses and that an outstanding loan was not being amortized because of those losses. Yet another customer complaint launched against Francisco R. De Torres Highley III alleged unsuitable investment strategies and failure to disclose material facts to the customers, after the investments started to decline.
  • Current Oriental Financial Services broker, Clara I. Fernandez Colorado has two customer complaints, one of which is still pending. According to Clara I. Fernandez Colorado’s BrokerCheck Report, the pending customer complaint alleges unsuitable and materially misleading investment advice. Specifically, the customer states that the Puerto Rico Bond Funds Clara I. Fernandez Colorado’s invested the customer in had serious risks associated with them, including lack of liquidity, which were not suitable for the investor’s objectives. The customer is seeking $800,000 in damages. The second customer complaint, filed against Clara I. Fernandez Colorado in 2011, claimed the customer lost over $148,000 as a result of unsuitable investments on the part of Clara I. Fernandez Colorado. That case eventually settled for $40,000.

The abovementioned complaints and violations barely scratches the surface of Oriental Financial Services host of FINRA violations and investor complaints. If you or someone you know has lost money investing with oriental Financial Services, Clara I. Fernandez Colorado, Francisco R. De Torres Highley III, Carlos E. Comas Rodon, Alexis J. Crespo Perez, Hector L. Colón Rivera, Luis A. Casaresmaduro, Richard Lee Prann, or any other Oriental Financial Services broker, you may be entitled to compensation for your losses. Call Fitapelli Kurta today at 212-658-1502 for your free consultation.