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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.)
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