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Read MoreAlfredo Collazo: JP Morgan Advisor Complaints
Alfredo Collazo, a JP Morgan financial advisor in the firm’s Coral Gables, Florida branch, has five customer complaints on his regulatory report. All five of the complaints are from September 2015 to July 2016. Four of the complaints are still pending.
On July 26, 2016, a customer alleged that Collazo “recommended that he purchase Puerto Rico bonds and both Puerto Rico open-end and closed-end mutual funds, resulting in an over-concentrated and high risk portfolio, which was unsuitable in light of his stated risk tolerance,” causing the client $586,481 in damages. The customer also alleged that Collazo made misrepresentations about Puerto Rico mutual funds and failed to advise the customer to diversify his portfolio.
On June 10, 2016, a customer alleged that Collazo’s “investment recommendations to purchase and to hold [Puerto Rico] closed-end funds and [Puerto Rico] bonds resulted in an over concentrated and high risk portfolio, which was unsuitable in light of the clients’ stated risk tolerance and investment objectives.” The customer also alleged that Collazo recommended using a loan to borrow against their investments. Other allegations include alleged “misleading representations” about the risks and liquidity of the investments. The customer is claiming $20 million in damages.
On April 12, 2016, a customer alleged that “Alfredo Collazo was negligent to inform her of the risks in Puerto Rico bonds and mutual funds when she began to show her concern.” The customer is seeking $738,254 in damages.
On October 6, 2015, and September 21, 2015, two customers brought separate complaints with the same allegations that Collazo’s “investment recommendations to purchase and to hold [Puerto Rico] close-end funds and [Puerto Rico] bonds resulted in an over concentrated and high risk portfolio, which were unsuitable positions in light of the clients’ risk tolerance.” The clients are seeking $2,411,162 and $1,426,000 in damages
Collazo has been licensed in the securities industry for 15 years. Prior to his employment with JP Morgan, Collazo was employed with Popular Securities and Wachovia Securities in Puerto Rico, and Prudential Securities in New York.
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