Investors Allege Guillermo Batista Recommended Unsuitable Funds and Bonds

Guillermo Batista (CRD #: 3121905), a broker registered with First Southern, allegedly misrepresented unsuitable investments, according to his BrokerCheck record, accessed on May 3, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

Ten disputes, filed from 2015-2019, alleged that Guillermo Batista made misrepresentations and overconcentrated the clients in unsuitable bonds and/or closed-end funds. Several of these disputes specifically concern Puerto Rican investments.

One of these disputes, filed on May 20, 2015, further alleged that Guillermo Batista churned the client’s account.

These ten disputes were collectively settled for approximately $1.6 million.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, and other fraudulent tactics to influence investors’ decisions. Misrepresenting an investment’s requirements, fees, or other relevant information violates this rule.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their risk tolerance, age, and tax status.

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

Background Information

Guillermo Batista has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 7TO – General Securities Representative Examination
• SIE – Securities Industry Essentials Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

Guillermo Batista is a registered broker in Puerto Rico.

He has also worked for the following firms:

• UBS Financial Services (CRD#:8174)
• UBS Financial Services Incorporated of Puerto Rico (CRD#:13042)
• Popular Securities (CRD#:8096)
• Morgan Stanley DW (CRD#:7556)
• Gruntal & Company (CRD#:372)

Kurta Law Can Help

If you worked with Guillermo Batista 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.