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Manuel Melendez: UBS Advisor Faces $448K Complaint

A recent investor complaint against San Juan advisor Manuel Melendez (CRD# 4648278) details allegations involving unsuitable outside business ventures. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with UBS Financial Services.

Mr. Melendez’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in January 2023, alleges that as a representative of UBS Financial Services, he “borrowed money from [the customer] and/or solicited her to invest in unsuitable, unapproved outside business adventures,” and further that UBS failed to supervise him adequately. the pending complaint alleges damages of $448,000.

An earlier investor complaint, filed in 2019, alleged that he unsuitably recommended the customer invest in and hold Puerto Rico closed-end funds and municipal bonds, over-concentrated the account in Puerto Rico investments, and misrepresented the risks of investing and concentrating in these products. The pending complaint alleges damages of $130,000.

A third investor complaint, also filed in 2019, alleged that he misrepresented and recommended unsuitable investments in Puerto Rico closed-end funds and municipal bonds which were over-concentrated in the account. In 2020 the complaint reached a settlement of $55,000.

A fourth investor complaint, filed in 2018, alleged the misrepresentation and unsuitable recommendation and concentration of Puerto Rico investments. In 2022 the complaint reached a settlement of $35,000.

A fifth investor complaint, filed in 2014, alleged that he recommended unsuitable closed-end funds and municipal bonds which “were unduly risky.” In 2017 the complaint reached a settlement of $410,000.

According to the Financial Industry Regulatory Authority, Manuel Melendez holds 19 years of securities industry experience. Based in San Juan, Puerto Rico, he has been a broker and an investment advisor with UBS Financial Services since 2007 and 2018, respectively. His past registrations include UBS Financial Services of Puerto Rico (San Juan, Puerto Rico; 2007-2021) and Popular Securities (San Juan, Puerto Rico; 2003-2007). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He holds 35 state licenses. (Information current as of February 26, 2023.)

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.

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