Advisor Alert: Our Attorneys Are Investigating Manuel Francisco Melendez For Investment Fraud
Did You Lose Money Because of Manuel Melendez?
Filed: March 13, 2024
Manuel Melendez (also known as Manuel F. Melendez Gonzalez, Manuel Francisco Melendez Gonzalez) has been the subject of thirteen (13) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Manuel Francisco Melendez.
Who Is Manuel Francisco Melendez?
- Advisor Name: Manuel Francisco Melendez
- Aliases: Manuel F. Melendez Gonzalez, Manuel Francisco Melendez Gonzalez
- CRD: 4648278
- Location: Guaynabo, Puerto Rico
- Current Employer: Currently Not Registered
- Previous Firms: Herbert J. Sims & Co, Inc., UBS Financial Services Inc., and UBS Financial Services Incorporated of Puerto Rico
- Number of Known Customer Complaints: 13
- Can Manuel Melendez Be Sued: Yes, in Private Arbitration
- Can Manuel Melendez’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $921,270
- Highest Settlement: $410,000
If you have suffered investment losses by Manuel Melendez, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Manuel Melendez For Broker Misconduct
As of this publication date, Manuel Melendez has been the subject of 13 customer disputes. Let’s review them below.
In January 2023, a FINRA arbitration was filed against or in reference to Manuel Melendez by a customer of UBS Financial Services Inc. alleging that Mr. Melendez borrowed money from her and/or solicited her to invest in unsuitable, unapproved outside business ventures, and that UBS failed to adequately supervise Mr. Melendez. Per the customer, she lost over $448,000 because of Mr. Melendez’s actions. On June 7, 2023, Mr. Melendez settled the claim for $390,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In August 2019, a FINRA arbitration was filed against or in reference to Manuel Melendez by multiple customers of UBS Financial Services Inc. alleging that their investments in Puerto Rico closed-end funds and municipal bonds were unsuitable, over-concentrated, and misrepresented as safe investments. On March 27, 2020, Mr. Melendez settled the claim for $55,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In January 2019, a FINRA arbitration was filed against or in reference to Manuel Melendez by a customer of UBS Financial Services Inc. alleging that the recommendation to invest in and hold Puerto Rico closed-end funds and Puerto Rico municipal bonds was unsuitable, and that his account was over concentrated in PR investments. He also alleged that the risks of investing in and concentration in PR investments was misrepresented. Per the customer, he lost over $130,000 because of Mr. Melendez’s actions. On February 7, 2023, Mr. Melendez settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In September 2018, a FINRA arbitration was filed against or in reference to Manuel Melendez by a customer of UBS Financial Services Inc. alleging that recommended unsuitable concentration in PR Bonds and CEFs and misrepresented the risks of these investments. Per the customer, he/she lost over $200,000 because of Mr. Melendez’s actions. On August 22, 2022, Mr. Melendez settled the claim for $35,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In July 2018, a complaint was filed against or in reference to Manuel Melendez by a customer of UBS Financial Services Inc. alleging that Mr. Melendez informed them that there was no risk of loss whatsoever and the product in which she was investing was guaranteed by the Constitution of Puerto Rico. The alleged damages are estimated to be in excess of $5,000.00.
In June 2018, a FINRA arbitration was filed against or in reference to Manuel Melendez by multiple customers of UBS Financial Services Inc. alleging that their accounts were over-concentrated in unsuitable Puerto Rico closed-end funds and government bonds and that Respondent misrepresented the investments to them. Claimants also allege that Respondent made unsuitable hold recommendations. Per the customers, they lost over $186,302.23 because of Mr. Melendez’s actions. On December 14, 2020, Mr. Melendez settled the claim for $65,200, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In May 2018, a FINRA arbitration was filed against or in reference to Manuel Melendez by multiple customers of UBS Financial Services Inc. alleging unsuitable recommendations, over-concentration and misrepresentations in connection with their purchase of closed-end funds and Puerto Rico bonds. On October 15, 2019, Mr. Melendez settled the claim for $45,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In March 2018, a FINRA arbitration was filed against or in reference to Manuel Melendez by multiple customers of UBS Financial Services Inc. alleging that their investments in Puerto Rico closed-end funds and municipal bonds were unsuitable, over concentrated, and misrepresented as safe investments. Per the customers, they lost over $145,000 because of Mr. Melendez’s actions. On May 24, 2019, Mr. Melendez settled the claim for $55,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In October 2017, a FINRA arbitration was filed against or in reference to Manuel Melendez by a customer of UBS Financial Services Inc. alleging unsuitable recommendation and misrepresentation regarding a municipal bond purchase. Per the customer, he/she lost over $60,000 because of Mr. Melendez’s actions. On August 16, 2019, Mr. Melendez settled the claim for $40,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In August 2014, a FINRA arbitration was filed against or in reference to Manuel Melendez by multiple customers of UBS Financial Services Inc. alleging that recommendations of closed-end funds and municipal bonds were unsuitable because the investments were unduly risky and further allege that Mr. Melendez failed to disclose material information. Per the customers, they lost over $921,270 because of Mr. Melendez’s actions. On March 6, 2017, Mr. Melendez settled the claim for $410,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In November 2009, a FINRA arbitration was filed against or in reference to Manuel Melendez by multiple customers of Popular Securities, Inc. alleging violation of duties owed to claimants; negligence and breach of fiduciary duty; and breach of contract. Per the customers, they lost over $325,000 because of Mr. Melendez’s actions. On October 27, 2011, Mr. Melendez settled the claim for $155,000, and some or all of this amount may have been paid by Mr. Melendez’s employer and/or insurance carrier.
In December 2009, a complaint was filed against or in reference to Manuel Melendez by a customer of UBS Financial Services Inc. alleging that Mr. Melendez misrepresented his investment stating that he would make money off of it even if the economy was going down. The client further alleges that he was never properly advised the meaning of the word “illiquidity” or “closed end” prior to making a purchase or decision to sell. Per the customer, he lost over $5,000 because of Mr. Melendez’s actions.
In January 2007, a complaint was filed against or in reference to Manuel Melendez by a customer of Popular Securities, Inc. alleging that Mr. Melendez assured the client that his investment in Doral FINL Corp PFD Ser C 7.25% will be called on May 31, 2007 at $25.50 per share. Per the customer, he lost over $9,881.76 because of Mr. Melendez’s actions.
How To File A Claim Against Manuel Melendez (previously with Herbert J. Sims & Co, Inc., UBS Financial Services Inc., and UBS Financial Services Incorporated of Puerto Rico) To Get Your Money Back
If you have questions about Manuel Melendez, Herbert J. Sims & Co, Inc., UBS Financial Services Inc., UBS Financial Services Incorporated of Puerto Rico, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.