Hilltop Securities Accused Of Excessive Trading UITs
Walter Roland Valenzuela of Del Mar California a stockbroker currently registered with Hilltop Securities Inc. is referenced in a customer initiated investment related complaint which was settled on November 1, 2018 for $100,000.00 in damages founded on accusations that (1) unit investment trust trades were made in the customer’s account on an excessive basis (2) false or misleading statements had been made in regards to the risks or terms of unit investment trust products and (3) the stockbroker gave the customer bad investment advice which led the customer to experience unwarranted losses.
FINRA Public Disclosure confirms that Valenzuela is identified in six additional customer initiated investment related disputes that concern allegations of his misconduct while he was associated with M.L. Stern Co. LLC, Southwest Securities Inc. and Hilltop Securities. Specifically, a customer initiated investment related arbitration claim was resolved for $20,700.00 in damages based upon accusations of securities transactions being executed in violation of industry rules; breach of fiduciary duty; and misrepresentation concerning corporate bonds sold by Valenzuela.
Valenzuela is the subject of another customer initiated investment related arbitration claim which was settled for $32,000.00 in damages supported by accusations of fiduciary duties being violated through Valenzuela’s bad investment recommendations; and false or misleading statements in regards to the municipal debt investments sold to the customer when Valenzuela was associated with M.L. Stern Co. LLC.
On August 28, 2017, another customer filed an investment related complaint where the customer requested more than $5,000.00 in damages based upon allegations of the stockbroker failing to inform the customer about the risks and fees that pertained to the unit investment trusts he sold which led the customer to invest in inappropriate securities.
Also, a customer initiated investment related arbitration involving Valenzuela’s activities was settled for $400,000.00 in damages founded on accusations that during the time that Valenzuela was employed by Hilltop Securities: (1) fiduciary obligations were breached (2) the customer had been charged excessive mark-downs, mark-ups or other fees pertaining to securities transactions (3) investments were excessively traded and churned (4) investment recommendations and margin based trading failed to be suitable and (5) the customer fell victim to elder abuse and financial exploitation. FINRA Arbitration No. 17-03005 (May 13, 2019).
Valenzuela has been registered with Hilltop Securities Inc. since December 10, 2008.