The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Manuel Angel Mejia Gomez. According to his publicly available FINRA BrokerCheck report, Manuel Angel Mejia Gomez has been the subject of multiple customer disputes.
Manuel Angel Mejia Gomez was a Puerto Rico based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Quest Capital Strategies (1992)
- Morgan Stanley (1992-2006)
- Popular Securities (2006-2015)
The Allegations
- In December 2014, a customer alleged that Manuel Angel Mejia Gomez purchased securities in his account without his consent. This case was settled for $15,197 in damages.
- In January 2015, Manuel Angel Mejia Gomez resigned from his position at Popular Securities amidst allegations of unauthorized trading done in an effort to make commissions.
- Throughout 2018 and 2019, Manuel Angel Mejia Gomez became the subject of six identical complaints from customers alleging that he made unsuitable investment recommendations to purchase and hold Puerto Rico Securities. These alleged recommendations were unsuitable based on the customers’ risk tolerance. The customers went on to allege that these recommendations were especially grievous due to Puerto Rico’s declining financial state. A declining state that Manuel Angel Mejia Gomez should have been aware of. The first complaint was settled for $28,500 in damages. The other five are currently pending. The customers in these cases are seeking a total of $5.6 million in damages.
What Does This Mean?
Securities brokers are trusted by their customer and bound by their fiduciary duty to make investments suitable to their needs and wants. Suitability is determined by multiple factors, namely risk-tolerance, liquidity needs, and investment objectives. If, for instance, a customer alleges that an investment that was made was inconsistent with their risk-tolerance, the securities broker may be making investment recommendations that were unsuitable to the customer’s needs. In 2014, Puerto Rican bonds were listed as “junk bonds” due to the Puerto Rican government’s inability to pay their obligations, making investments in these bonds high-risk and relatively illiquid.
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 Manuel Angel Mejia Gomez, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
