Sumaya De Los Angeles Musa Allegedly Made Unsuitable Investment Recommendations & Over-Concentrated Clients in Puerto Rico Closed-End Bond Funds

Sumaya De Los Angeles Musa, a/k/a Sumaya Musa, Sumaya Musa Quinones, and Sumaya De Los Angeles Musa Quinonez, allegedly made unsuitable recommendation to invest in and hold Puerto Rico Closed-End Bond Funds, according to a Pending Customer Dispute under review by investor rights attorney Alan Rosca.

Said Dispute was filed on May 21, 2019, FINRA states, and states that the aforementioned action took place between 2011 and the present, and that the clients account was over-concentrated in said investments. A damage amount of $60,000 has been requested, FINRA reports.

Sumaya Musa, who has been licensed with two firms, UBS Financial Services, Inc. and UBS Financial Services Incorporated of Puerto Rico, was also the subject of a second Pending Customer Dispute which alleges that their investments in Puerto Rico closed-end funds were unsuitable, over-concentrated, and misrepresented as safe investments, FINRA reports. A damage amount of $250,000.00 has been requested, FINRA states.

Sumaya Musa, from 2003 to 2014, also allegedly recommended that clients invest in and hold Puerto Rico Closed-End Bond Funds which were purportedly unsuitable, and also allegedly unsuitably over-concentrated their accounts in these investments, FINRA notes. Said claimants also allege that the risk of investing in and concentration in Puerto Rico investments was misrepresented, and a damage amount of $98,000.00 has been requested, FINRA states.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Sumaya De Los Angeles Musa’s alleged unsuitable investment recommendations and over-concentration in Puerto Rico Closed-End Bond Funds. Investors who believe they may have lost money in activity related to Sumaya De Los Angeles Musa’s alleged unsuitable investment recommendations and over-concentration in Puerto Rico Closed-End Bond Funds are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Sumaya De Los Angeles Musa Allegedly Settled a Dispute which Alleged She Recommended Unsuitable Concentration in Leveraged Closed-end Funds & Puerto Rico Municipal Bonds

Sumaya De Los Angeles Musa settled a Customer Dispute on November 5, 2018 which alleged that Musa recommended an unsuitable concentration in leveraged closed-end funds and Puerto Rico municipal bonds and represented that these investments were low risk and secure, FINRA notes.

Damage amounts of $60,000 were requested, and the case was ultimately settled for $19,500, FINRA states.

Sumaya De Los Angeles Musa, from 2012 to present day, also allegedly made unsuitable recommendations in Puerto Rico municipal bonds and Puerto Rico closed-end funds which were purportedly unsuitable, over concentrated, and misrepresented as safe investments, FINRA states. Said Dispute was filed on October 10, 2018, and damage amounts of $450,000 have been requested.

Sumaya De Los Angeles Musa also allegedly over-concentrated a client’s account in unsuitable Puerto Rico closed-end funds and government bonds and that the investments were misrepresented to them, according to a Pending Customer Dispute filed on September 18, 2018. Damage amounts have not been specified, FINRA reports.

Sumaya De Los Angeles Musa also settled a Customer Dispute which alleged misrepresentations, unsuitability, and over concentration concerning their investments in Puerto Rico municipal bonds, FINRA notes, and was filed on March 19, 2018. Damage amounts of $830,000 were requested, and was ultimately settled for $188,000, FINRA states.

Sumaya De Los Angeles Musa has been registered with UBS Financial Services Inc. in Aventura, Florida since August 10, 2007, and has also been registered with UBS Financial Services Incorporated of Puerto Rico in San Juan, Puerto Rico since August 10, 2007, FINRA reports.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Sumaya De Los Angeles Musa’s alleged unsuitable investment recommendations and over-concentration in Puerto Rico Closed-End Bond Funds. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Sumaya De Los Angeles Musa’s alleged unsuitable investment recommendations and over-concentration in Puerto Rico Closed-End Bond Funds may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.