Investor Alert > Broker Sumaya Musa Allegedly Over-Concentrated Clients in PR Bonds
Posted Jun 29, 2019
by Alan Rosca

Broker Sumaya Musa Allegedly Over-Concentrated Clients in PR Bonds

broker sumaya musa

Sumaya Musa Allegedly Made Unsuitable Investment Recommendations 

Broker Sumaya De Los Angeles Musa, also known as, 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.

Broker 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.

From 2003 to 2014, Musa 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 Rosca Scarlato LLC 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 broker Sumaya 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.

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Sumaya Musa Settled a Dispute Alleging Unsuitable Concentration in Leveraged Closed-end Funds and Puerto Rico Municipal Bonds

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, according to her FINRA Brokercheck page.

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

From 2012 to present day, she 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.

Broker Sumaya 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.

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 were ultimately settled for $188,000, FINRA states.

She 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 or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.

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The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating broker Sumaya 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 broker Sumaya 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 arosca@rscounsel.law, or through the contact form on this webpage.

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DISCLAIMER

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 matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

Contact us at 888‑998‑0530 or through the contact form on this page.
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