Alexander Arango Allegedly Misrepresented Investments
Alexander Arango (CRD #: 6405666), a broker registered with Cetera Investment Services, is involved in an investor dispute, according to his BrokerCheck record, accessed on October 26, 2021. This is his third investor dispute — investors who have worked with this broker should keep reading.
On August 25, 2021, an investor alleged that Alexander Arango misrepresented unsuitable investments. Misrepresentation violates FINRA Rule 2020. Recommending unsuitable investments violates FINRA Rule 2111. The investor is seeking $60,399; the dispute is pending.
Which FINRA Rules Did Alexander Arango Allegedly Violate?
FINRA Rule 2020 states that brokers are not allowed to induce the purchase or sale of an investment by manipulative or deceptive means.
According to FINRA Rule 2111, brokers must only recommend shares that they have a reasonable basis for recommending. They must believe that the investment is sound and suits the investor’s needs. Brokers must factor in their investor’s investing experience, financial goals, and risk tolerance when they make recommendations.
Previous Investor Dispute
There is another dispute from just a few months earlier, and this dispute also alleges misrepresentation. On April 21, 2021, an investor alleged that Alexander Arango misrepresented a Credit Suisse note. The investor alleged losses of $163,000 but the firm denied the dispute. Firms can deny disputes without a third-party review; investors can still recover their losses following a denial.
Alexander Arango Background Information
Alexander Arango has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- SIE - Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is a registered broker in ten states and is a registered investment adviser in Florida and Texas.
Alexander Arango is currently registered with Cetera Investment Services (CRD #: 15340) and Cetera Investment Advisers (CRD #: 105644).
He has also registered with the following firms:
- LPL Financial (CRD #: 6413)
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
Kurta Law Can Help
If you suffered losses after working with Alexander Arango, don't hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.