DID RAUL JORGE BENITEZ CAUSE YOU INVESTMENT LOSSES?
Raul Benitez Formerly With Wells Fargo Clearing Services, LLC Has 6 Customer Complaints For Alleged Broker Misconduct
About Raul Benitez formerly with Wells Fargo Clearing Services, LLC?
Raul Benitez (CRD #4457185) has an extensive career in the securities industry, evidenced by his work with multiple firms and various professional qualifications. Benitez is not currently registered but has previously been associated with notable firms like Wells Fargo Clearing Services, SunTrust Investment Services, and LPL Financial, among others, dating back to his first registration in 2001. His career has spanned over two decades and multiple states, primarily within Florida. Throughout his career, Benitez passed two general industry/product exams, including the Securities Industry Essentials Examination and the General Securities Representative Examination (Series 7), along with the multi-state securities law exam (Series 66). His diverse registration history underscores a broad exposure to the industry and various market sectors.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Raul Benitez Customer Complaints and Reviews
Raul Jorge Benitez’s BrokerCheck report lists several disclosure events:
- Customer Disputes (6 reported):
- Settled Disputes:
- In a case with SunTrust Investment Services, a client alleged an unsuitable Northstar investment, settled in September 2022 for $175,000.
- Another complaint with Wells Fargo alleged unsuitable recommendations and misrepresentations regarding an investment strategy involving securities as collateral for a loan, settled in January 2022 for $137,500.
- A dispute over a managed/fee-based account recommendation deemed unsuitable by the client with SunTrust Investment Services was settled in March 2019 for $8,486.24.
- Pending Disputes:
- A significant ongoing case involves allegations of unsuitable and misrepresented investment recommendations with Truist Investment Services, with potential damages claimed up to $500,000.
- Termination (1 incident):
- Benitez was discharged from JPMorgan Chase Bank in March 2013 after failing to record critical information during an account opening for a bank affiliate, which involved cross-border fund transactions and dual citizenship details that were not properly documented.
Allegations Against Raul Benitez
- Regulatory and Customer Disputes:
- Allegations of unsuitable investment recommendations and misrepresentations have been recurrent themes in Benitez’s career, highlighted by various settled and pending customer disputes. These include significant settlements and ongoing litigation with claims potentially exceeding hundreds of thousands of dollars.
- Termination:
- His termination from JPMorgan Chase was due to procedural failings in handling sensitive account information, particularly concerning international elements of the accounts he managed.
Raul Benitez Red Flags & Your Rights As An Investor
Of course, Raul Benitez did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Raul Benitez at Wells Fargo Clearing Services, LLC on alert to review carefully the activity and performance of their accounts and question whether Raul Benitez has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Wells Fargo Clearing Services, LLC also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Wells Fargo Clearing Services, LLC Due To Raul Benitez
If you have questions about Wells Fargo Clearing Services, LLC and/or Raul Benitez and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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