Ruben Fernandez Racks Up 21st Investor Dispute

Ruben Fernandez (CRD #: 1439847), a broker registered with Stonecrest Capital Markets, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on December 5, 2023. Investors should know that he has 21 investor disputes on his record. 

On September 25, 2023, executors for former clients of Herbert J Sims & Co. alleged that Ruben Fernandez misrepresented Puerto Rico bond investments. 

The investor is seeking $1.4 million. 

Puerto Rico Bonds 

Puerto Rico’s bankruptcy caused serious losses for Puerto Rico bondholders. Purto Rico’s uncertain financial outlook made these bonds risky and brokers should have communicated these risks to their investors. 

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s potential returns and associated fees. Brokers should also communicate any potential risk for loss. 

Previous Investor Disputes 

On July 11, 2019, an investor alleged that Ruben Fernandez recommended unsuitable investments, omitted material facts, and engaged in a fraudulent scheme. The dispute was settled for $365,000. 

Two other disputes from 2019 allege unsuitable recommendations. These disputes settled for $58,000. 

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Ruben Fernandez has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• Series 79TO Investment Banking Registered Representative Examination 
• SIE Securities Industry Essentials Examination 
• Series 24 General Securities Principal Examination 

He is a registered broker in New York and Puerto Rico. 

During his 37 years of experience, Ruben Fernandez has registered with nine firms: 

• Stonecrest Capital Markets (CRD #: 39616) 
• Herbert J Sims (CRD #: 3420) 
• Oriental Financial Services Corp (CRD #: 29753) 
• OFS Securities (CRD #: 39615) 
• Samuel Ramirez (CRD #: 6963) 
• Clark Melvin Securities Corporation (CRD #: 1462) 
• Painewebber Incorporated of Puerto Rico (CRD #: 13042) 
• Painwebber Incorporated (CRD #: 8174)
• Kidder, Peabody & Co. (CRD #: 7163) 

Kurta Law Can Help 

If you have worked with Ruben Fernandez and have concerns about your investments, 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 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.