Juan Herrans: Merrill Lynch Advisor Has 3 Complaints

Juan Herrans (full name Juan Guillermo Herrans Barreras) of Merrill Lynch in Guaynabo, Puerto Rico and Miami, Florida, has three customer complaints on his Brokercheck report maintained by the Financial Industry Regulatory Authority. Two of the complaints settled for a total of $305,000, and a third is still pending.

The first complaint, dated April 9, 2015, alleged that Herrans made “unsuitable investment recommendations and misrepresentation and omissions of material facts” causing the customer $300,001 in damages. That claim settled for $55,000.

The next complaint, dated June 6, 2010, alleged “misrepresentation and omissions of material facts, and unsuitable investments” causing $500,000 in damages. That claim settled for $250,000.

The latest customer alleged “unsuitable investment recommendations and omission of material facts from March 2013 to May 2013” and $500,000 in damages. That claim is still pending. All three claims relate to municipal debt and/or closed-end funds.

Prior to his employment with Merrill Lynch, Herrans was employed with UBS Financial in Hayo Rey, Puerto Rico.

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