Articles Tagged with Popular Securities

Manuel Mejia-Gomez, a former registered representative with Popular Securities, LLC, submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he executed three unauthorized transactions in a customer’s accounts; failed to follow a customer’s instructions to liquidate a particular security; and engaged in discretionary trading without written authorization in the accounts of three customers.

According to FINRA, Manuel Mejia-Gomez, of San Juan, Puerto Rico, executed three unauthorized transactions in a customer’s account which caused the customer to complain to Popular Securities, who then cancelled the transactions.  FINRA alleges further that instead of following his customer’s instructions to liquidate a specific bond, Mr. Mejia-Gomez allegedly consulted with his customer’s employee who had no authority to make trading decisions.  Mr. Mejia-Gomez used the instructions of this unauthorized employee to liquidate a different bond than was instructed by his customer.  Continue Reading

Popular Securities, Inc. n/k/a Popular Securities, LLC, was fined $125,000 by the Financial Industry Regulatory Authority (FINRA) for failure to supervise violations involving over-concentration of investments in Puerto Rico municipal bonds and closed-end bond funds in many of its customers’ accounts.

Without admitting or denying the findings, Popular consented to the sanctions and to FINRA’s findings that between July 1, 2011 and June 30, 2013, it failed to supervise its customers’ Puerto Rico bond fund investments, even after the bond rating had been downgraded to junk bond status. Following the junk bond downgrade, FINRA found that Popular Securities’ customers continued to purchase concentrated positions of the Puerto Rico securities. Continue Reading