Investors Sue Santander For Failure To Supervise Short Broker With Long List Of Complaints

FINRA Investment Arbitration

Suzanne Short of San Juan Puerto Rico a stockbroker registered with Santander Securities LLC is the subject of a customer initiated investment related arbitration claim where the customer sought between $500,000.00 and $1,000,000.00 in damages based upon accusations that transactions violated securities laws or rules (1) a contract and warranties were breached (2) transactions lacked appropriate supervision from the securities broker dealer and (3) municipal bonds and closed-end funds were unsuitable given the customer’s investment profile when Short was associated with Santander Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02494 (Aug. 23, 2019).

FINRA Public Disclosure indicates that Short is the subject of nine more customer initiated investment related disputes pertaining to allegations of her bad business practices during the period in which the stockbroker had been employed by Santander Securities. Specifically, a customer initiated investment related arbitration claim pertaining to Short’s conduct has been settled for $75,000.00 in damages supported by allegations that when Short was employed by Santander Securities, fiduciary and contractual obligations were not complied with, fraudulent closed-end fund transactions were executed with the customer’s assets, and the customer’s account had been overconcentrated in bad investments. FINRA Arbitration No. 16-02853 (Apr. 12, 2019).

Another customer filed an investment related arbitration claim pertaining to Short’s conduct in which the customer requested $1,000,000.00 in damages supported by allegations that when Short had been employed by Santander Securities, transactions were unsupervised, misrepresentations were made about investments, the customer’s account had been imprudently managed by the stockbroker, contractual and fiduciary obligations were breached, and the customer was defrauded on municipal bond transactions. FINRA Arbitration No. 19-01618 (June 13, 2019).

Short is additionally referenced in a customer initiated investment related arbitration claim which has been resolved for $95,000.00 in damages founded on accusations that the customer’s account contained an excessive concentration in speculative mutual funds and other closed-end funds which was unsuitable, transactions were not compliant with securities laws, a contract pertaining to the customer’s investments was breached, false or misleading statements had been made in regard to the terms and conditions of investments, and transactions failed to be adequately supervised by Santander Securities. FINRA Arbitration No. 18-01440 (July 18, 2019).

Another customer initiated related arbitration claim involving Short’s conduct was settled for $69,500.00 in damages based upon allegations that when Short was associated with Santander Securities, transactions effected in the customer’s account by the stockbroker were not suitable for the customer given the customer’s risk tolerance or overall circumstances, and the customer’s account was over concentrated by the stockbroker in aggressive mutual funds and municipal bonds including closed-end funds which caused the customer to be exposed to increased risks. FINRA Arbitration No. 17-01633 (Aug. 5, 2019).

Short’s employment with Santander Securities was terminated on February 17, 2016. Since June 1, 2016, Short has been associated with Nationwide Planning Associates Inc.