Miguel Correa Cestero Facing a Puerto Rico Investment Dispute

Miguel Correa Cestero (CRD #: 2765420), a broker registered with Popular Securities, has a new million-dollar dispute on his record. This disclosure appears on his BrokerCheck record, accessed on June 7, 2024. Investors should know that this is the 13th dispute on his record. 

Investor Disputes

On May 21, 2024, an investor alleged that Miguel Correa Cestero made recommendations to purchase closed-end funds and Puerto Rico bonds. This allegedly resulted in an over-concentrated and high-risk portfolio. The investor is seeking $1,000,000.01. 

The settled investor disputes were collectively settled for over $1.7 million. 

Puerto Rico Closed-End Funds and Bonds 

Major credit agencies downgraded bonds issued by Puerto Rico in 2014. This marked the beginning of a serious, nationwide debt crisis. Certain advisors allegedly continued to recommend Puerto Rico closed-end funds even after it became clear that these funds may not be in their customers’ best interests. 

Unsuitable Recommendations

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

• Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
• Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

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

Background Information 

Miguel Correa Cestero 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 and investment adviser in Puerto Rico. He is a registered broker in six other states.

During his 27 years of experience, Miguel Cestero has registered with two firms: Popular Securities (CRD #: 8096) and Marketing One Securities (CRD #: 16611). 

Kurta Law Can Help 

If you have worked with Miguel Cestero and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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 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. Do not let securities fraud go unchecked. Start your recovery process today.