Securities Arbitration Lawyer Blog
FINRA has suspended Popular Securities, LLC broker Fernando Luis Monllor from the securities industry for 30 business days for using a pre-signed Letter of Authorization (LOA) from a customer to transfer assets among the customer’s accounts. Monllor’s suspension is scheduled to start on August 2, 2021, and end on September 13, 2021. He was also fined $5,000.
If you have lost money with Fernando Luis Monllor, or Popular Securities, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Popular Securities, LLC.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020065347502
Fernando Luis Monllor and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 1, 2021 over Monllor’s use of a pre-signed LOA from a customer to transfer assets among the customer’s accounts, in violation of FINRA rules.
FINRA Rule 2010 requires that members and their associated persons “observe high standards of commercial honor and just and equitable principles of trade.” Obtaining a pre-signed document that is otherwise blank and then adding information to that previously signed document violates FINRA Rule 2010.
FINRA Rule 4511 requires each member to make and preserve books and records in conformity with Section 17(a) of the Exchange Act and Exchange Act Rule 17a-3. Inherent in the obligation to maintain books and records is the requirement that they be accurate. Causing a FINRA-regulated broker-dealer to make or preserve inaccurate records is a violation of this Rule, and also constitutes a violation of FINRA Rule 2010.
The AWC indicates that Monllor obtained a pre-signed LOA from one customer. On two occasions in March 2018, he added information to the previously signed LOA and used it to effect a transfer of funds between accounts belonging to the customer. The customer authorized the transfers.
Thus, Monllor violated FINRA Rules 2010 and 4511.
Fernando Luis Monllor (CRD#: 3098650)
Monllor has 22 years of experience in the securities industry and has been registered as a broker with Popular Securities, LLC in Ponce, Puerto Rico since September 1998.
His FINRA CRD shows six customer disputes, all of which have either been settled, denied, or closed with no action. The three most recent settlements between 2014 and 2019 involve allegations that Monllor’s recommendations to purchase and to hold Puerto Rico securities were unsuitable in light of the clients’ risk tolerance. One claim also alleges that Monllor’s recommendations were particularly egregious in light of Puerto Rico’s well known deteriorating financial condition.
You can read more about our firm’s experience representing investors in Puerto Rico securities here.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Fernando Luis Monllor, or Popular Securities, LLC, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.