Close Menu
Free Consultation: 888-976-6111

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.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Devin Patel: Ex-Financial Gravity Advisor Receives $1.5mm Complaint

    A recent investor complaint against Tampa financial advisor Devin Patel (CRD# 6632487) alleges that his conduct resulted in seven-figure damages....

    Read More
  • Mike Hamilton: SEC Brings Charges Against Hamilton Wealth Advisor

    Fort Myers financial advisor Mike Hamilton (CRD# 2038138) allegedly may have violated the Securities Exchange Act of 1934, according to...

    Read More
  • Robert Doyle: $1 Million Complaint Against Axiom Advisor

    New York City financial advisor Robert Doyle (CRD# 2309859) recently received an investor complaint alleging his conduct resulted in million-dollar...

    Read More
  • What is reverse churning by an investment advisor?

    Churning a brokerage account refers to the excessive buying and selling of securities by a broker for the primary purpose...

    Read More
  • Previous
  • Next