Merrill Lynch Sued By Investors For $28 Million In Bond Losses

Hector J. Gonzalez (also known as Hector Gonzales Colon) of Miami Florida a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated has been identified in a customer initiated investment related arbitration claim where the customer sought $3,000,000.00 in damages founded on accusations that (1) investment recommendations were unsuitable in view of the customer’s objectives for investing and tolerance for risk and (2) false or misleading statements had been made in regard to the risks or terms of municipal bonds when Gonzalez was employed by Merrill Lynch. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03323 (Nov. 7, 2019).

FINRA Public Disclosure indicates that Gonzalez is the subject of six more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which he was employed by securities broker dealers including Merrill Lynch. Specifically, a customer filed an investment related arbitration claim pertaining to Gonzalez’s conduct in which the customer requested $7,000,000.00 in damages supported by allegations that misleading statements were made by the stockbroker pertaining to the risks and drawbacks of investments, and corporate bond transactions that were executed in the customer’s account failed to be suitable because of the customer’s investment circumstances. FINRA Arbitration No. 19-00871 (Apr. 1, 2019).

In addition, a customer filed an investment related arbitration claim in reference to Gonzalez’s conduct where the customer sought $6,000,000.00 in damages based upon accusations that when Gonzalez was associated with Merrill Lynch, the stockbroker’s advice was unsuitable given the customer’s investment profile, and false statements were made to the customer concerning the risks of government bonds. FINRA Arbitration No. 19-01195 (Apr. 30, 2019).

Gonzalez is also referenced in a customer initiated investment related arbitration claim in which the customer requested $7,000,000.00 in damages based upon allegations that government bond recommendations made by the stockbroker were not suitable given the customer’s risk tolerance, investment objectives or overall circumstances, and transactions effected in the customer’s account by the stockbroker resulted in the customer’s losses. FINRA Arbitration No. 19-01736 (June 19, 2019).

An additional customer filed an investment related arbitration claim concerning Gonzalez’s activities where the customer sought $5,000,000.00 in damages founded on accusations that when Gonzalez was employed by Merrill Lynch, the terms and conditions of investments were misrepresented by the stockbroker, and the customer was provided with bad investment recommendations which led to losses being incurred by the customer. FINRA Arbitration No. 19-01844 (June 28, 2019).

Gonzalez has been employed by Merrill Lynch since July 21, 2010.