Alejandro Villegas (CRD #5971231) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Alejandro Villegas (CRD #5971231) is a broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on May 5, 2026. It reflects one customer dispute. If you invested with Alejandro Villegas and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Alejandro Villegas’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On March 16, 2026, a customer alleged Alejandro Villegas misrepresented the return on an investment account. Alejandro Villegas’s FINRA BrokerCheck report lists the matter as pending. The report lists the product as a self-directed, non-managed fee-based account. It states that damages were not specified and lists alleged damages as $0. The customer submitted a written complaint, not an oral one. The matter did not involve arbitration, CFTC reparation, or civil litigation.

Rule Summary #1: FINRA Rule 2020 (Manipulative, Deceptive, or Fraudulent Devices)

FINRA Rule 2020 bars deceptive conduct tied to securities transactions. Misrepresentation claims may raise questions about whether the investor received accurate information.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor)

FINRA Rule 2010 requires high standards of commercial honor. Customer disputes may raise questions about fairness, honesty, and account handling.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Alejandro Villegas:

Is currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Has passed the Securities Industry Essentials (SIE) exam. Alejandro Villegas has passed Series 7. He has also passed Series 66.

Reports employment with Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated in Miami, Florida.

Kurta Law Can Help

If you have worked with Alejandro Villegas and have concerns, Kurta Law may be able to review them. The firm can help you evaluate legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Misrepresentation and Omission | Securities Fraud Attorney

For nearly 20 years, Kurta Law has advocated for investors and held financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.