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Eric Stubbe: Puerto Rico Bond Complaint Settled For More Than $5.9 Million

Eric StubbePublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on September 12, 2018 indicate that former Massachusetts-based Santander Securities broker/adviser Eric Stubbe, also known as Eric Stubbe Arsuaga, has received numerous resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Stubbe (CRD# 1499212).

Eric Stubbe has spent 29 years in the securities industry and was most recently registered with Santander Securities in Dorchester, Massachusetts (2006-2016). Previous registrations include UBS Financial Services in San Juan, Puerto Rico (1991-2006); UBS Financial Services in San Juan, Puerto Rico (1987-2006); and Kidder Peabody & Company (1986-1987). He has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 13, 1996; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 3, 1987; and Series 7 (General Securities Representative Examination), which he obtained on May 17, 1986. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received four customer complaints and six pending customer complaints

In May 2018 a customer alleged Eric Stubbe, while employed at Santander Securities, recommended unsuitable investments, over-concentrated investments, breached contract, breached his fiduciary duty, acted negligently, was negligent in his supervisory duties, failed in his supervisory duties, violated Puerto Rico and federal securities laws, and violated industry rules in connection to investments in Puerto Rico bonds, mutual funds, and bank stocks. The customer is seeking $338,040 in damages in the pending complaint, in which Mr. Stubbe is not a named respondent.

In 2017 a customer alleged Eric Stubbe, while employed at Santander Securities, over-concentrated investments, failed in his supervisory duties, committed fraud and deceit, acted negligently, breached contract, violated Puerto Rico law, acted negligently, and breached his fiduciary duty in connection to investments in Puerto Rico bonds and closed-end funds. The customer is seeking more than $9,608,800 in damages in the pending complaint, in which Mr. Stubbe is not a named respondent.

In 2016 a customer alleged Eric Stubbe, while employed at Santander Securities, breached his fiduciary duty, breached contract, acted negligently, committed fraud, and was negligent in his supervisory duties in connection to investments in Puerto Rico municipal bonds and closed-end funds. The complaint settled for $50,000.

In 2016 a customer alleged he, while employed at Santander Securities, committed fraud and deceit, acted negligently, and acted recklessly in connection to investments in Puerto Rico bonds and closed-end funds. The complaint, in which he was not a named respondent, settled for $5,990,000.

If you or someone you know has a complaint regarding Eric Stubbe, also known as Eric Stubbe Arsuaga, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.