• May 5, 2023
• Infinex Investments

Eric J. Garcia is a dually registered Broker and Investment Adviser at Infinex Investments, Inc. in Coral Gables, FL.

Broker’s Background

He entered the securities industry in 2011 and previously worked for Essex National Securities, LLC; and Morgan Stanley Smith Barney, LLC.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2023, a customer complaint was filed against Eric J. Garcia. The allegation states, “Misrepresentations and omissions. Breach of Fiduciary Duty. Selling an over-concentrated unsuitable investment.” The customer dispute is pending.

In addition, Eric J. Garcia has been the subject of another customer complaint and two debt disclosures, including the following:

• October 2022 — “Claimants indicate advisor should not have recommended an offshore annuity to invest the majority of their net worth when they sought safety and preservation of capital.” The customer dispute is pending, and damages of $100,000 are requested.
• November 2014 — A financial disclosure is recorded as dismissed.
• October 2014 — A financial disclosure is recorded as dismissed.

For a copy of Eric J. Garcia’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.