Victor Tomassini Facing a New Puerto Rico Closed End Fund Dispute

Victor Tomassini (CRD #: 2896586), a broker registered with UBS Financial Services, has racked up a 52nd investor dispute, according to his BrokerCheck record, accessed on August 10, 2023. Details are provided below. 

On July 10, 2023, an investor alleged that Victor Tomassini recommended unsuitable Puerto Rico closed-end funds and misrepresented them as safe investments. They further alleged these investments were over-concentrated in their portfolio. 

Many other disputes on his record allege that he recommended unsuitable Puerto Rico-based investments. Due to Puerto Rico’s unstable financial outlook, these investments were high-risk.

From 2019 to 2020 alone, Victor Tomassini collectively settled six investor disputes for approximately $490,000. 

What is a Closed-End Fund? 

Closed-end funds are companies that offer shares during an initial public offering and often invest in risky products. They come with regular distributions but also have high fees that can negate any returns, making them unsuitable for many investors. 

FINRA Rule 2111 

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

Some common violations of this rule include:

• Excessive trading, which violates the need for quantitative suitability. This means that overall trading activity must also suit an investor’s goals.
• 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 losses or high fees for the investor.

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 the misrepresentation or omission of material information, such as an investment’s potential returns, risks, or limitations.

Background Information 

Victor Tomassini 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 eight states and Puerto Rico. He is a registered broker and investment adviser in Florida and Puerto Rico. 

Victor Tomassini has registered with the following firms: 

• UBS Financial Services (CRD #: 8174) 
• UBS Financial Services Incorporated of Puerto Rico (CRD #: 10342) 

Kurta Law Can Help

If you worked with Victor Tomassini 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.