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Angel Canabal: Investors Seeking Millions in 90-Plus Investor Disputes

Nov 1, 2021 Puerto Rico bonds

Angel Canabal (CRD #: 2180310), a broker registered with UBS Financial Services, has racked up a staggering 98 investor disputes. Investors should note that it is unusual for a broker to have more than one investor dispute in their record. Angel Canabal has 15 investor disputes from 2019 alone. This is according to his BrokerCheck record, accessed on October 26, 2021. 

Puerto Rico Securities

Puerto Rico has faced significant financial difficulties in recent years. The country has a national debt of $74 billion, but because Puerto Rico is not a U.S. state, the territory cannot file for bankruptcy. Financial products based in Puerto Rico pose significant risks and are not suitable for most investors. 

What is an Unsuitable Investment? 

FINRA Rule 2111 states that a broker must have a reasonable basis for believing an investment is suitable for their investor. Investments must fit the investor’s financial goals and risk tolerance.

Investor Disputes: 2021

On August 31, 2021, an investor alleged that Angel Canabal recommended that they invest in and hold unsuitable Puerto Rico closed-end funds. (Closed-end funds are mutual funds that offer a fixed number of shares through a single IPO.) The investor alleged that these funds were unsuitable and that Angel Canabal misrepresented the risks of Puerto Rico-based investments. The investor is seeking $700,000; the dispute is pending. 

On January 27, 2021, investors alleged that Angel Canabal recommended unsuitable Puerto Rico closed-end funds and Puerto Rico municipal bonds. The investor further alleged their portfolio was over-concentrated in these investments. The investor is seeking $130,000; the dispute is pending. 

Investor Disputes: 2020

Four investments disputes allege that Angel Canabal recommended unsuitable Puerto Rico securities. The investors are collectively seeking over $2.4 million. 

Settled Investor Disputes: 2019

There are eight investor disputes from 2019 that alleged Angel Canabal recommended unsuitable Puerto Rico securities. Investors also alleged that he over-concentrated Puerto Rico securities in their portfolios and misrepresented their risks. The disputes collectively settled for $1,844,000 — the largest dispute settled for $1,225,000. 

Angel Canabal Background Information 

Angel Canabal 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 
  • Series 8 General Securities Sales Supervisor Examination (Options Module & General Module) 

He is a registered broker in seven states and is a registered investment adviser in Puerto Rico. 

Angel Canabal has worked with the following firms: 

  • UBS Financial Services (CRD #: 8174) 
  • UBS Financial Services Incorporated of Puerto Rico (CRD #: 13042) 
  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 

Kurta Law Can Help

If you suffered losses after working with Angel Canabal, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com 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.