Vicente Castillo Allegedly Made Misrepresentations to Firm Customers & Over-concentrated Customer’s Investments in Puerto Rico Closed-end Funds

Vicente Castillo allegedly made misrepresentations of investments to firm customers and allegedly over-concentrated the customer investments in Puerto Rico closed-end funds, all according to publicly available records maintained by the Financial Industry Regulatory Authority (FINRA).

The investor rights lawyers at Goldman Scarlato & Penny law firm are investigating Mr. Castillo’s conduct to determine whether any other investors may have claims for unsuitability or improper investment recommendations. Investors may contact securities attorney Alan Rosca to provide information or inquire about their legal options.

For example, Castillo has been named in a customer initiated investment related arbitration claim on January 6, 2017, wherein the client requested $325,000.00 in damages alleging that Castillo over-concentrated the customer’s investments in Puerto Rico closed-end funds, and misrepresented the investments to firm customers, FINRA notes.

Vincente Castillo‘s Securities Industry Background Includes 36 Customer Disputes

Vincente Castillo has been involved in 36 customer disclosures related to bond sales in Puerto Rico, according to FINRA Reports. Castillo has also been registered with UBS Financial Services Incorporated of Puerto Rico, a broker-dealer with 128 registered representatives in Puerto Rico.

Castillo has held an industry securities registration for over 35 years, has been a broker-dealer with over 12,700 registered representatives nationwide, and is subject to FINRA oversight.

Castillo has also worked for UBS Financial Services, Inc. since 1983, and is registered in  New York, New Jersey, Georgia, Florida, North Carolina, Virginia, as well as Puerto Rico, FINRA notes.

Brokerage firms such as UBS Financial Services Incorporated of Puerto Rico have a responsibility to adequately supervise all of their registered representatives who are employed through their firm, to prevent violations of the securities rules and regulations.  Brokerage firms also must initiate action to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  If and when brokerage firms fail to adequately supervise their registered representatives, they may be held liable for investment losses sustained by customers.

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 Vicente Castillo‘s alleged misrepresentations to firm customers. 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, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to securities class actions.

If you or a loved one or a friend has lost money investing with Vincente Castillo, you may contact attorney Alan Rosca or his colleagues 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.