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Broker Complaints: Santander Securities, LLC (Santander Investment Services) (CRD# 41791)

The securities and investment fraud law firm, Fitapelli Kurta, I interested in speaking to investors who have complaints regarding potential misconduct at Santander Securities, LLC.

Santander Securities, LLC, also known as, Santander Investment Services, is a full service broker-dealer firm, registered as a limited liability company. The firm was formed in Puerto Rico in 2011. Santander Securities, LLC is registered with both the SEC and FINRA. Santander Securities, LLC’s main office is located in San Juan, Puerto. Santander Securities, LLC is registered in 53 U.S. states and territories. Santander Securities has been a FINRA member since 1996. Santander Securities is an affiliate of Banco Santander Puerto Rico.

Santander Securities, LLC has five regulatory events on its BrokerCheck Report and two arbitrations.

Regulatory Events:

  • On May 16, 2014, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico noticed procedural deficiencies with a bank referral program, during a routine firm examination. A voluntary contribution was made by Santander Securities, LLC in the amount of $15,000.
  • On March 15, 2013 the Insurance Commissioner of Puerto Rico fined Santander Securities, LLC $3,500. According to Santander Securities, LLC’s BrokerCheck Report, the fine was related to the payment of commissions to an unauthorized person, filing annual reports late, and a miscommunication with a contracted insurer.
  • On April 12, 2011 Santander Securities, LLC was fined $2 million dollars. According to the Letter of Acceptance, Waiver, and Consent, Santander Securities, LLC did not have adequate supervisory procedures which led to unsuitable recommendations in structured products. These unsuitable recommendations led to significant financial losses to clients. Santander Securities paid over $6.9 million in restitution to customers, in addition to the $2 million fine.
  • On September 28, 2009 Santander Securities, LLC was fined $10,000 for failing to report trades to the “Trade Reporting Compliance Engine” (TRACE).
  • On June 12, 2007 Santander Securities, LLC was fined $6,000 for failing to report information regarding transactions effected in municipal securities to the “Real-Time Transaction Reporting System” (RTRS).

Arbitrations:

  • On October 3, 2010 a FINRA arbitration panel entered a $70,000 award against Santander Securities, LLC. According to the arbitration award, the complaint alleged unsuitable investment recommendations, elderly financial exploitation, breach of fiduciary duty, failure to supervise, misrepresentation of material fact, breach of contract and gross negligence, stemming from the client’s investment in Popular Capital Trust II Trust Preferred Securities.
  • On August 6, 2013 a FINRA arbitration panel entered an award in the amount of $1.24 million against Santander Securities, LLC. According to the arbitration award, the complaint alleged negligence, breach of contract, breach of fiduciary duty, unsuitable investment recommendations, fraud, and unjust enrichment, stemming from the client’s investment s in Puerto Rico Conservation Trust Notes.

If you or someone you know has lost money investing with Santander Securities, LLC or any of its brokers, you may be entitled to recover your losses. The securities and investment fraud attorneys at Fitapelli Kurta prosecute cases on behalf of investors nationwide on a contingency fee basis. Our consultations are always free, but do not wait. Call now to speak directly to an attorney.

Call 877 – 238 – 4175 now.

As a note to investors, Santander Securities, LLC also goes by the following names: SANTANDER INVESTMENT SERVICES, SANTANDER SECURITIES, SANTANDER SECURITIES CORPORATION, SANTANDER SECURITIES CORPORATION OF PUERTO RICO, SANTANDER SECURITIES LLC