Frank Carrasco Subject of Suitability Dispute

Frank Carrasco (CRD #: 2006959), a broker registered with UBS Financial Services, has a new investor dispute on his record. This dispute appears on his BrokerCheck record, accessed on August 28, 2023.

On June 8, 2023, an investor alleged that Frank Carrasco recommended funds that were not in their best interest. They further alleged that Frank Carrasco misrepresented unsuitable investments. 

There is a settled dispute on Frank Carrasco’s record from January 2, 2020. An investor alleged that Frank Carrasco recommended unsuitable Puerto Rico municipal bonds and closed-end funds and that he over-concentrated their portfolio in those investments. The dispute settled for $45,000.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

What is an Unsuitable Investment?

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

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

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes misrepresenting or omitting material information, such as an investment’s potential fees, risks, or limitations.

Background Information 

Frank Carrasco 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 17 states and Puerto Rico. He is also a registered investment adviser in Puerto Rico. 

Frank Carrasco has registered with the following firms: 

• UBS Financial Services (CRD #: 8174) 
• UBS Financial Services Incorporated of Puerto Rico (CRD #: 13042) 
• CitiGroup Global Markets  (CRD #: 7059) 
• American Express Financial Advisors (CRD #: 6363) 
• IDS Life Insurance Company (CRD #: 6321) 

Kurta Law Can Help

If you worked with Frank Carrasco and 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 that 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.