The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Carlos Domenech. According to his publicly available FINRA BrokerCheck report, Carlos Domenech has been the subject of numerous customer disputes.

Carlos Domenech operated most recently as a Texas based securities broker. He worked in the securities industry for eighteen years. During his career, he worked at four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Oriental Financial Services Corp. (1999-2004)
  • UBS Financial Services (2004-2015)
  • Kovack Securities (2015)
  • Supreme Alliance (2016-2017)

The Allegations

Carlos Domenech’s FINRA BrokerCheck report shows that he has been the subject of numerous customer complaints–all of which have been filed in the past six years. These complaints were filed against UBS Financial for the alleged actions of Carlos Domenech. All of the complaints filed revolved around what are known as Puerto Rican closed-end bond funds. Most of the customers’ allegations state that these investments were unsuitable, over-concentrated and misrepresented as safe investments.

Two of the cases against UBS for the alleged actions of Carlos Domenech are currently pending. The customers in the first case are seeking $300,000 in damages. The customers in the second case are seeking $1 million in damages. The settled complaints were settled for a grand total of $935,500.

What Does This Mean?

Normally, closed-end bond funds are safe investments. They are securities that only allow in a certain amount of people before closing; however, they still provide the ability to liquidate shares and exit the investment if the investor so chooses.

UBS Financial Services actually generated most of its income from selling closed-end funds. They were usually so successful for the firm, that they did not have a proper system in place to adequately separate the unsuitable securities from the rest. That is how this particular closed-end bond fund, sold by Carlos Domenech, slipped through the cracks.

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 Carlos Domenech, or any Puerto Rican closed-end bond funds, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.