According to Financial Industry Regulatory Authority, Inc. (FINRA) public records, broker / investment advisor Raul Juan Escudero Villeta (“Raul Escudero”) has nineteen disclosed customers disputes. FINRA registers and regulates brokers and brokerage firms.
Raul Escudero’s customers filed the claims between January 2015 and April 2018. Five of the claims resulted in collective settlements to customers exceeding $6 million, most from a claim settled in July 2017 for $5,990,000. Raul Escudero did not contribute to the payments. At least four of the settled claims alleged the losses were caused by recommendations to invest in closed-end Puerto Rico bond funds. Puerto Rico bonds and bond funds are widely reported to have lost billions in value due to the collapse of Puerto Rico’s economy.
The fourteen other claims are pending and request significant damages, the largest seeking $9,608,862. FINRA’s records indicate that many of the outstanding claims also allege customers suffered losses in Puerto Rico closed-end bond funds. Customers alleged their losses were caused by misconduct that includes unsuitable investment recommendations, misrepresentations, negligence, and fraud. Raul Escudero’s FINRA records indicate he denied the allegations made in several of the claims.
Raul Escudero was employed by Santander Securities LLC from October 2006 through February 2018. He has been employed by with Herbert J. Sims & Co. Inc. since February 2018.
Raul Escudero’s customers filed some or all of their claims in FINRA arbitration, the international dispute resolution venue handling most disputes between investors and their brokers and brokerage firms. Customers may pursue claims in FINRA arbitration for violations of applicable securities rules and laws, as well claims for negligence or violations of local laws such as consumer protection statutes.
Rules require brokers to recommend only suitable investments to their customers and to make full and accurate disclosures regarding investments they recommend. Brokerage firms have a duty to reasonably supervise their brokers to ensure they do not commit misconduct or violations that cause their customers’ losses. Customers have the right to file claims against brokerage firms to pursue losses caused by a firm’s inadequate supervision of their brokers.
If you suffered losses in while investing with Raul Juan Escudero Villeta, Marquardt Law Office LLC is interested in speaking with you. Contact the firm to receive a free phone consultation.
Marquardt Law Office LLC is a securities law firm that represents investors nationwide who have suffered losses due to misconduct such as fraud and negligence.
Information regarding Raul Juan Escudero Villeta is based on FINRA BrokerCheck records accessed on June 5, 2018.