Alex Gierbolini’s Complaints Allege Misrepresentation and Unsuitable Investments in Puerto Rico Closed-End Funds
According to the Financial Industry Regulatory Authority (FINRA), Merrill Lynch advisor Alex Gierbolini, has 24 customer complaints filed against him during his career in the securities industry. The majority of the complaints reportedly involve allegations of misrepresentation and unsuitable investment recommendations in Puerto Rico Closed-end Funds.
While 20 complaints were reportedly settled, 2 are still pending and 1 complaint from 2000 was closed/no action, according to FINRA. In 2017 one customer was awarded $2,000,000 for the following causes of action: “breach of fiduciary duty; gross negligence and breach of the duty of due care; breach of contract and the covenant of good faith and fair dealing; violations of Puerto Rico and state securities laws; common law fraud and deceit; failure to supervise; control person liability; respondeat superior; and violation of FINRA and securities industry rules and standards of conduct.”
In this particular complaint, “Gierbolini strongly denied the allegations and believed that they were entirely lacking in merit. He did not contribute to the settlement,” according to his broker profile.
According to his broker profile, Gierbolini is reportedly affiliated with Merrill Lynch in Guaynabo, PR, and has been for the past 7 years.
Investigating Potential Lawsuits
Merrill Lynch and all broker-dealers have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
If you suffered investment losses with Alex Gierbolini and Merrill Lynch, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.