Silver Law Group is investigating Former Albany, New York-based Purshe Kaplan Sterling broker Carlos Mejia after he settled a customer complaint alleging unsuitable investment recommendations.
According to FINRA’s BrokerCheck report on Mejia, a complaint was received in February of 2016 alleging that Mejia provided unsuitable investment recommendations in relation to a hedge fund. Damages for this compliant where alleged at $525,000 This complaint was later settled in FINRA arbitration for $120,000.
Mejia is also currently involved in a customer complaint, alleging that from 2013 through 2015 he aided an unnamed hedge fund manager to defraud customers. The damages from this complaint are alleged at $8,674,063.93
Mejia was employed by Wells Fargo Advisors Financial Network at their Brooklyn, NY location. He was previously registered with Chase Investment Services also based out of Brooklyn, NY.
Unsuitable Recommendations is a serious form of potential broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.
Also, among other investment tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there must be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unsuitable investment recommendation or unauthorized trading. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Carlos Mejia and Wells Fargo and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll-free at (800) 975-4345.