Ray San Pedro is the Subject of a Six-Figure Dispute

Ray San Pedro (CRD #: 4565686), a broker registered with Arete Wealth Management, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on May 10, 2024. Details concerning this dispute are provided below. 

Investor Allegations 

On April 9, 2024, an investor alleged that Ray San Pedro engaged in fraudulent and negligent misrepresentation. The investor is seeking $558,215. 

According to allegations filed on November 3, 2020, Ray San Pedro recommended unsuitable investments. The investor is seeking $75,000. 

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

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
• Financial goals

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

Background Information 

Ray San Pedro has passed the following exams:

• 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 38 states, D.C., and the Virgin Islands. 

During his 21 years of experience, Ray San Pedro has registered with six firms: 

• Arete Wealth Management (CRD #: 44856) 
• National Securities Corporation (CRD #: 7569) 
• Rockwell Securities (CRD #: 142483) 
• Chicago Investment Group (CRD #: 11853) 
• First Republic Group (CRD #: 39781) 
• Gilford Securities Incorporated (CRD #: 8076) 

Kurta Law Can Help 

If you have worked with Ray San Pedro 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.