Hilltop Securities Broker, Walter Valenzuela, Has $3 Million Customer Complaint For Unsuitable Recommendations And Excessive Trading
The Wolper Law Firm is currently investigating claims against Walter Valenzuela, a Financial Advisor at Hilltop Securities in Del Mar, California. Walter Valenzuela has been in the securities industry since the 1990s and previously worked at M.L. Stern.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 23, 2018, a customer filed a complaint against Walter Valenzuela, alleging “unsuitable recommendations, misrepresentation, excessive trading.” The alleged damages are $3 million and the matter remains pending.
Walter Valenzuela has six additional customer complaints reflected on his BrokerCheck disclosure report, including the following:
• August 2017—”Customer alleges that the representatives misrepresented two UIT investments by failing to provide full disclosure regarding the fees and risks of the investments. Customer requests all losses be reimbursed.”
• August 2017—”Claimant alleges through attorney unsuitable recommendations, unsuitable use of margin, churning, financial exploitation, elder abuse and excessive mark-up/mark-down with respect to municipal bond and UIT trades executed in the account. Also alleges that the representative failed to obtain proper breakpoint discounts for UIT purchases. Subsequent arbitration Statement of Claim filed on November 8, 2017 alleges unsuitable investments, breach of fiduciary duty, excessive trading, misrepresentation and elder abuse.” The alleged damages are $9.5 million and the matter remains pending.
• February 2013—”CLAIMANT ALLEGES MISREPRESENTATION, UNSUITABLE RECOMMENDATION, BREACH OF FIDUCIARY DUTY WITH RESPECT TO THE RECOMMENTATION TO INVEST IN MUNICIPAL SECURITIES.” The matter was settled for $35,000
A For a full copy of Walter Valenzuela’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2711435#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer Walter Valenzuela and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, 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.