The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Angel Edgardo Aquino-Velez. According to his publicly available FINRA BrokerCheck report, Angel Edgardo Aquino-Velez has been the subject of numerous customer disputes.
Angel Edgardo Aquino-Velez was a Florida based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with six different securities firms.
His Registrations
- Chubb Securities Corporation (1996-1997)
- Santander Securities (1997)
- Doral Securities (1997-2000)
- UBS Financial Services (2000-2006)
- Merrill Lynch (2006-2009)
- Morgan Stanley (2010-2017)
The Allegations
- In April 2014, a customer alleged that Angel Edgardo Aquino-Velez recommended a reckless and unsuitable concentration in risky closed-end funds. This case was settled for $80,000 in damages.
- In June 2014, customers alleged that Angel Edgardo Aquino-Velez made unsuitable investment recommendations and made material misrepresentations and omissions of material facts. This case was settled for $363,000 in damages.
- In July 2015, customers alleged unsuitability with respect to the recommendation and over-concentration of municipal bonds. The alleged transgressions took place between 2012 and 2014. This case was settled for $400,000 in damages.
- In July 2017, customers alleged that Angel Edgardo Aquino recommended highly unsuitable Puerto Rico municipal bond investments. The alleged transgressions took place between 2013 and 2017. This case was settled for $625,000 in damages.
- In November 2018, more customers alleged that Angel Edgardo Aquino recommended highly unsuitable Puerto Rico closed end funds. The alleged transgressions took place between 2010 and 2017. This case is currently pending. The customer is seeking $25 million in damages.
These were just some of the complaints against Angel Edgardo Aquino Velez.
What Does This Mean?
Puerto Rico municipal bonds and closed-end funds were very popular a few years ago due to the fact that they were triple tax exempt. Since Puerto Rico is not technically a state, these products are exempt from federal, state and city taxes. Because of this, securities brokers like Angel Edgardo Aquino-Velez over-concentrated their mainland customers’ accounts in these products to avoid taxes. This continued until Puerto Rico was on the verge of bankruptcy.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Angel Edgardo Aquino-Velez, please contact Oakes & Fosher for a free and private consultation.
