Investors Sue Santander For Breach Of Fiduciary Duty

FINRA Investment Arbitration

Mariondy Fernandez (also known as Mariondy Fernandez Parades) of Dorchester Massachusetts a stockbroker registered with Santander Securities LLC is the subject of a customer initiated investment related arbitration claim which settled for $140,000.00 in damages based upon allegations that (1) transactions effected in the customer’s account were not suitable for the customer (2) fiduciary and contractual obligations had been breached and (3) the customer experienced losses from the stockbroker’s negligence. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00870 (Apr. 13, 2020).

FINRA Public Disclosure confirms that Fernandez has been identified in thirty-three more customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Santander Securities. On July 20, 2018, a customer initiated investment related arbitration claim concerning Fernandez’s activities was resolved for $15,000.00 in damages founded on accusations of the customer being defrauded by investing in closed end funds, mutual funds and municipal debt through Fernandez when he was employed by Santander Securities. FINRA Arbitration No. 17-03349. According to the claim, transactions were not suitable for the customer and had ran afoul of securities rules and laws. The claim also alleges that Fernandez breached both a fiduciary duty and a contractual obligation to the customer and that his negligence caused the customer to experience unwarranted losses.

On May 23, 2019, another customer filed an investment related arbitration claim pertaining to Fernandez’s conduct in which the customer requested between $1,000,000.00 and $5,000,000.00 in damages supported by allegations including that Santander Securities failed to supervise the closed end funds trades and municipal debt securities trades effected by the stockbroker. FINRA Arbitration No. 19-01373. The claim alleges that a suitability duty was breached, and that fiduciary and contractual obligations to the customer were violated. According to the claim, the customer’s account contained an overconcentration of bad investments because of the stockbroker.

Fernandez is the subject of another customer initiated investment related complaint on November 20, 2019 in which the customer requested $1,000,000.00 in damages based upon allegations that fiduciary duties owed to the customer had been breached relating to mutual fund and municipal debt transactions which generated losses for the Santander Securities customer’s account. The claim also alleges that investment recommendations made by the stockbroker were not suitable for the customer. FINRA rules and securities laws had allegedly been violated through the stockbroker’s transactions. According to the claim, Fernandez also failed to be supervised by Santander Securities. FINRA Arbitration No. 19-03313 (Nov. 5, 2019).

On November 20, 2019, a customer filed an investment related complaint in reference to Fernandez’s conduct where the customer sought unspecified damages based upon accusations that the customer was poorly advised by Fernandez and had experienced a catastrophic reduction in the value of the customer’s retirement earnings because of the stockbroker’s activities at Santander Securities.