New Options Complaint Against EFG Capital’s Eduardo Da Cruz

Miami financial advisor Eduardo Da Cruz (CRD# 5578693) was recently involved in an investor complaint that settled for $600,000. Financial Industry Regulatory Authority records show that he is a broker with EFG Capital International, where he serves as Head of Client Solutions.

Mr. Da Cruz’s BrokerCheck report discloses one investor complaint. Filed in November 2021, it alleges that EFG Capital International “failed to provide the expected and agreed upon level of service specifically with regards to complex option trading,” resulting in losses in the client’s account. The complaint, which also involved EFG representative Kenia Rocha and former EFG representative Carlos Estima, reached a settlement of $600,000.

EFG Capital International has been involved in five regulatory enforcement actions, according to the firm’s BrokerCheck report. The most recent is a 2018 FINRA sanction finding that the firm failed to establish and implement an adequate supervisory system or anti-money laundering program, allegedly failing to identify and investigate multiple red flags of money-laundering and “potentially suspicious patterns of outgoing wire transfer activity in the Swiss bank accounts” of firm customers. The firm was censured and ordered to pay a fine of $800,000. More information on EFG Capital International’s regulatory history is available via FINRA.

According to the Financial Industry Regulatory Authority, Eduardo Da Cruz holds 11 years of securities industry experience. Based in Miami, Florida, he has been a broker with EFG Capital International since 2017. His past registrations include Citi international Financial Services (San Juan, Puerto Rico; 2017), Citigroup Financial Markets (Miami, Florida; 2013-2017), and Itau Europa Securities (Miami, Florida; 2009-2011). His credentials include the passage of three securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is licensed as a broker in Florida. (Information current as of May 16, 2023.)

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