Crypto Complaints Against Oldsmar’s Carlos Cortez Reach Settlements

Numerous investor complaints against former Clearwater, Florida financial advisor Carlos Cortez (CRD# 5378014) allege he recommended investments in a fraudulent cryptocurrency scheme. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former World Equity Group broker is currently an investment advisor with Cortez Wealth Group in Oldsmar, Florida. 

Mr. Cortez’s BrokerCheck report discloses 24 investor complaints. All allege that as a representative of Cortez Wealth Advisors, he recommended investments in a cryptocurrency fund that was later revealed to be a fraud. In statements on the disclosures, Mr. Cortez wrote that it was “unbeknownst” to him that the investment was “an elaborate fraud scheme. “The scheme happened during the height of the pandemic, which prevented onsite due diligence by the Advisor because their airports were closed,” the comment states, continuing: “The Advisor was also a victim of the fraudulent scheme and lost a significant amount of his own money.”

Eighteen of the cryptocurrency fraud complaints reached settlements of the following amounts: $80,000, $60,000, $30,000, $27,000, $27,000, $40,000, $6,500, $52,000, $12,000, $12,000, $29,500, $25,000, $13,000, $75,000, $125,000, $147,500, $26,000, and $36,000.

The six remaining complaints are still pending, alleging damages of $11,500, $10,000, $54,000, $50,000, $30,000, and $175,000.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Carlos Cortez holds 14 years of securities industry experience. Based in Oldsmar, California, he has been an investment advisor with Cortez Wealth Group since 2018. His past registrations include World Equity Group, Taylor Capital Management, Resource Horizons Group, Calton & Associates, JHS Capital Advisors, Ameriprise Financial Services, Ameriprise Advisor Services, and Garden State Securities. His credentials include the passage of four securities industry qualifying exams: the Uniform Combined State Law Examination, or Series 66; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed as an investment advisor in Arizona, Florida, Louisiana, and Texas. (Information current as of October 12, 2022.)

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