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Former SunTrust Advisor Manny Fernandez: Northstar Complaint
Truist Investment Services advisor Manny Fernandez (CRD# 3079976) allegedly recommended unsuitable investments, according to recent investor complaints. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Coral Gables, Florida.
Mr. Fernandez’s BrokerCheck report discloses four investor complaints. The most recent, filed in August 2022, alleges that as a SunTrust Investment Services representative, he recommended unsuitable investments in GIC. The pending complaint alleges damages between $500,000 and $1,000,000.
A second investor complaint, filed in January 2022, similarly alleges that he unsuitably recommended a GIC investment while at SunTrust. The pending complaint alleges damages of $576,000.
A third investor complaint, filed in October 2021, also alleges he made an unsuitable GIC recommendation while at SunTrust. The pending complaint alleges unspecified damages.
A fourth investor complaint, filed in October 2020, alleged he recommended an unsuitable GIC investment. In January 2022 the complaint reached a settlement of $300,000.
In a statement on the disclosure, Mr. Fernandez pushed back against the claim, asserting that at the time he recommended the investment, it “appeared” perfectly suitable for the customer’s investment profile. “Subsequent events arising from the later sale of Northstar to a different entity adversely impacted the company’s ability to honor contract holder redemption requests,” he wrote. “However, there is no way I could have known about or anticipated those events when I recommended the product to these clients.”
According to the Financial Industry Regulatory Authority, Manny Fernandez holds 23 years of securities industry experience. Based in Coral Gables, Florida, he has been a broker with Truist Investment Services since 2003 and an investment advisor with Truist Advisory Services since 2016. His past registrations include SunTrust Investment Services (Coral Gables, Florida; 2003-2016), Morgan Stanley (Miami, Florida; 2001-2002), and UBS Painewebber (Weehawken, New Jersey; 1998-2001). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, Delaware, the District of Columbia, Florida, Georgia, Louisiana, Michigan, Missouri, New Jersey, New York, Pennsylvania, Tennessee, and Texas. (Information current as of September 6, 2022.)
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