Hector Mercado: UBS Financial Advisor Has Four Complaints

Hector Mercardo, of UBS Financial Services in Miami, Florida, has four customer complaints on his regulatory report maintained by the Financial Industry Regulatory Authority (FINRA). Of the four complaints, three are from April 2016 to May 2017 and appear to relate to Puerto Rico closed-end bond funds and municipal bonds.

One claim, alleging “misrepresentations, unsuitability, and over concentration concerning their investments in closed-end funds” is still pending. Another complaint, dated May 3, 2017, alleging “unsuitable recommendations, over-concentration and misrepresentations in connection with their purchase of closed-end funds and Puerto Rico bonds” settled for $80,000. The third recent complaint, dated April 19, 2016, settled for $21,600. The customer alleged “unsuitability, misrepresentation, and over-concentration in connection with investments in Puerto Rican closed-end bond funds and municipal bonds.”

Prior to those three complaints, Hector Mercado only had one small customer complaint in 2005 that settled for $2,993.09. That client alleged “Without even asking my opinion, he bought about $19,000 more in shares of the two funds then the total money proceeds which I had received from the sale of my stock in Western Bank.”

Prior to his employment with UBS in Miami, Hector Mercado was employed with UBS in Puerto Rico and Popular Securities in Puerto Rico. He was also licensed with Marketing One Securities, Painwebber, Smith Barney Shearson, and Lehman Brothers.

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