David Garcia Cirilo: Morgan Stanley Financial Advisor Has 11 Customer Complaints

David Garcia Cirilo, a Morgan Stanley financial advisor in the Miami, Florida office, has 11 customer complaints against him. The 11 complaints contain allegations of combined damages exceeding $14 million. Almost every complaint, except for a complaint dating back to 2009, appear to relate to Puerto Rico municipal bonds. Ten of the complaints are from June 2014 to August 2017.

The largest complaint, dated August 11, 2015, alleged $4.7 million of damages relating to claims of unsuitability, overconcentration and misrepresentations involving closed-end funds. That complaint settled for $1.9 million. Other large complaints are still pending, including a $2.2 million complaint dated December 13, 2016, alleging “unsuitability, overconcentration, violations of the securities laws, fraud, breach of good faith and fair dealing, breach of contract, and breach of fiduciary duties (Puerto Rico bonds and closed-end funds).”

A July 6, 2015, complaint alleging $3,000,000 in damages relating to Puerto Rico municipal bonds and closed-end funds settled for $575,000. One complaint in 2014 alleging $500,000 of damages settled for $200,000. Several other claims are still pending, including a $699,000 claim and a $1,000,000 claim.

David Garcia Cirilo has been a financial advisor with Morgan Stanley since April 2014. Prior to working with Morgan Stanley, he was employed with Santander Securities from 2006 through 2014. Prior to Santander, Garcia Cirilo was employed with UBS Financial Services in Puerto Rico.

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