Fernando de la Vega Allegedly Failed to Follow Client’s Liquidation Instructions

Fernando de la Vega (CRD #: 2025344), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly failed to follow an investor’s instructions, according to his BrokerCheck record, accessed on June 2, 2023. Read on to learn more about his alleged conduct as a broker.

Pending and Denied Disputes

On April 21, 2023, an investor alleged that Fernando de la Vega failed to follow their instructions concerning the sale of closed-end funds in December 2022. This dispute is currently pending.

A dispute filed on March 7, 2023, alleged that Fernando de la Vega made misrepresentations and recommended unsuitable investments from August 2006 through February 2016. The client sought $170,000 in damages but the dispute was denied by the firm.

However, investors should know that firms can deny disputes without an external review. Investors may be able to recover their losses by pursuing FINRA arbitration following a denial.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulative or deceptive tactics, like the misrepresentation or omission of material facts, as they relate to the purchase and sale of securities.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes their tax status,  risk tolerance, and other characteristics.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

Settled Disputes

Six disputes, filed from 2015-2019, alleged that Fernando de la Vega recommended unsuitable investments and misrepresented and/or omitted material facts during a collective time frame spanning 2006-2017. These disputes were settled for a total of $870,000.

Two disputes, filed on July 30 and September 12, 2019, alleged that Fernando de la Vega gave unsuitable investment recommendations. These disputes were settled for a total of $375,000.

On July 29, 2019, an investor alleged that Fernando de la Vega made unsuitable recommendations to purchase and hold Puerto Rican closed-end funds. He allegedly also misrepresented these funds and overconcentrated the client in them. The client received a settlement of $160,000.

Background Information

Fernando de la Vega has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Fernando de la Vega is a registered broker in 11 states as well as the District of Columbia and Puerto Rico. He is also a registered investment adviser in Texas.

He has also worked for UBS Financial Services Incorporated of Puerto Rico (CRD#:13042) and UBS Financial Services (CRD#:8174).

Kurta Law Can Help

If you worked with Fernando de la Vega and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.