Alfonso Boneta Embroiled in New Suitability Dispute

Alfonso Boneta (CRD #: 4728302), a broker registered with Merrill Lynch in Puerto Rico, is facing a new investor dispute. These allegations appear in his BrokerCheck record, accessed on July 21, 2023. 

On May 24, 2023, an investor alleged that Alfonso Boneta made an unsuitable investment recommendation. The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration. 

Four other disputes, filed from 2017 to 2020, allege that Alfonso Boneta recommended unsuitable Puerto Rico bonds. Puerto Rico’s recent bankruptcy made these bonds unsuitable for many investors. These disputes were collectively settled for approximately $571,275. 

FINRA Rule 2111 – Unsuitable Investments

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information 

Alfonso Boneta has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

He is a registered broker in 11 states and is a registered investment adviser in Florida. 

Alfonso Boneta has worked for the following firms: 

• UBS Financial Services Incorporated of Puerto Rico 
• UBS Financial Services (CRD #: 8174) 
• Sydney Prevor and Co. (CRD #: 17639) 

Kurta Law Can Help

If you worked with Alfonso Boneta and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.