Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on November 10, 2016 indicate that Pennsylvania-based Santander Securities broker/adviser Willie Vales has received resolved or pending customer disputes. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Vales (CRD# 2166601).
Willie Vales has spent five years in the securities industry and has been registered with Santander Securities since 2014. Previous registrations include Merrill Lynch in Newtown, Pennsylvania; Wells Fargo Advisors in Philadelphia, Pennsylvania; Morgan Stanley DW in Purchase, New York; and AXA Advisors in New York, New York. He is a registered broker and investment adviser with three US states and territories: New Jersey, Pennsylvania, and Puerto Rico.
According to his BrokerCheck report, Willie Vales has received one customer complaint and one pending customer complaint.
In June 2016 a customer alleged Willie Vales, while employed at Santander Securities, recommended products away from the firm. The customer is seeking $225,000 in damages in the pending complaint.
In 2014 Willie Vales was terminated from his position at Merrill Lynch following allegations of “conduct including alteration of a client document resulting in loss of management’s confidence.”
In 2014 a customer alleged Willie Vales, while employed at Wells Fargo Advisors, misrepresented material facts, made unsuitable recommendations, and executed unauthorized trades. The complaint settled in 2015 for $7,250.
“Selling away” refers to the purchase, solicitation, or sale by a broker of securities not offered by his/her member firm. Such transactions are typically also not included in the firm’s official records. Both FINRA rules and federal securities law forbid selling away: Perhaps the most important regulatory codification with respect to selling away is FINRA Rule 3040, which states that “No person associated with a member shall participate in any manner in a private securities transaction” unless the transaction complies with numerous terms, including written authorization from the member firm. Investment professionals who engage in selling away may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Willie Vales, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.