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Articles Tagged with Angel Aquino

We recently wrote about securities arbitration claims our securities attorneys are handling involving former Morgan Stanley broker Angel Aquino, (CRD #2687333), while he was a stockbroker with Morgan Stanley. He resigned from the company in July of 2017 after multiple customer complaints and securities arbitration claims. Current customer disputes filed against Aquino currently add up to nearly $12 million. A new related complaint was filed on May 8, 2018 against Aquino and Morgan Stanley (CRD #149777.)  He is not currently registered as a broker, and no current employment information is available.  Morgan Stanley continues to be subject to multiple claims relating to its recommendation and sale of Puerto Rico bonds.

The complaints stem from Aquino’s heavy emphasis on investments in Puerto Rico Cofina bonds. These are backed by the island’s sales tax revenue, and have triple-tax-free status. They became a popular investment for Wall Street banks to sell to retirees and other investors, but when things changed, the bonds didn’t pay as much and many advisors allegedly failed to disclose the risks with the bonds. But Aquino continued to sell his customers heavily on Puerto Rico bonds, even while they lost money.

Puerto Rico filed for bankruptcy in May of 2017 for relief of $70 billion in municipal debt. On September 20, 2017, Hurricane Maria swept through the island and destroyed crops, damaged aging infrastructure and flooded the cities. No clear path exists for Puerto Rico to meet its debt obligations.

Investment broker Angel Edgardo Aquino-Velez (CRD#: 2687333) is no longer working as a broker, according to FINRA. Velez was previously registered as a broker, with the last place of employment listed as Morgan Stanley (CRD# 149777). His name is also listed as “Angel Edgardo Aquino,” “Angel E AquinoVelez” and, “Angel Edgardo AquinoVelez.” Velez worked for Morgan Stanley from 2010 through 2017, for Merrill Lynch from 2006 through 2009, and UBS Financial Services, Inc./UBS Financial Services, Inc. of Puerto Rico from 2000 through 2006. Since leaving Morgan Stanley in 2017, Velez is not listed as working as a broker, or in any financial services capacity requiring registration.

Silver Law Group represents other investors in claims against Morgan Stanley relating to Angel Aquino. Since 2001, Velez has had a number of customer disputes have been filed against him. Many were settled by Merrill Lynch during his tenure of employment. FINRA arbitration claims filed during Velez’s tenure at Morgan Stanley are still open, with the most recent involving “unsuitability with respect to Puerto Rico investments,” from 2013 to 2017, among other things (“inter alia.”) No money damages are specified in the latest dispute, but previous disputes dating back to July of 2016 have a combined outstanding total of $17,559,000. Morgan Stanley agreed to pay one customer dispute the amount of $80,000, resolving a securities arbitration of unsuitability with respect to the Puerto Rico closed-end fund investment – 2012 to 2013.”  Customer complaints include “unsuitability” and “misrepresentation” in relation to investments Velez was involved with.

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