Broker Faces Multiple Investor Complaints
Elba Nogueras, a financial advisor formerly based in Guaynabo, Puerto Rico, has recently been the subject of several investor complaints involving Puerto Rico closed-end funds. The records of the Financial Industry Regulatory Authority (FINRA) indicate that Nogueras at one point was registered as a broker with First Southern, while a report by AdvisorHub points to FINRA sanctioning her for alleged rule violations.
History of Investor Complaints
Nogueras’s public records, available on FINRA’s BrokerCheck, displays no less than 15 investor complaints lodged between the years 2014 and 2020. The resulting settlements from these complaints far exceeded $1 million cumulatively. Nogueras stands accused of several instances of investment misrepresentation, and some complaints claim she recommended unsuitable ventures, such as Puerto Rico bonds or closed-end funds. Yet more grievances filed suggest an over-concentration of investments in the customers’ accounts. Each of these allegations pertains to Nogueras’s time as a representative of UBS Financial Services.
A detailed report from AdvisorHub, published on September 19, 2023, sheds light on the penalties incurred by Nogueras. FINRA imposed a four-month suspension and $5,000 fine on her. The basis for these sanctions was the charge that she had violated Regulation Best Interest, a rule aimed at ensuring brokers act in their customers’ best interest when recommending investments, along with FINRA Rule 2010, maintaining high commercial honor standards,
According to the findings of FINRA, Nogueras is accused of advising a 56-year-old client, possessing limited investment experience and a moderate risk tolerance, to invest a whopping 81% of his liquid net worth, equating to $81,000, into an unidentified non-traded REIT. This conduct supposedly garnered Nogueras a commission of $5,670. She was still with First Southern at the time this advice was allegedly given.
Elba Nogueras’s Industry Experience
Elba Nogueras boasts of a securities industry experience spanning 19 years, per the records of the Financial Industry Regulatory Authority. Her roster of past affiliations includes various prominent names like First Southern (Dec 2019 – 2021), Kovack Securities (2015 – 2019), UBS Financial Services (2006 – 2015), and R-G Investments Corporation (2002 – 2006). Her qualifications are marked by her successful completion of three qualifying examinations in the securities industry, namely Series 7, or the General Securities Representative Examination, the Securities Industry Essentials Examination or SIE, and the Uniform Combined State Law Examination, also known as Series 66. Nogueras is currently unassociated with any FINRA member firm or licensed within any US state. (All information mentioned is accurate as of September 21, 2023.)
Haselkorn & Thibaut is an investment fraud law firm that steadfastly stands by investors all across the United States, helping them recover from their investment losses. No matter the geographical location, if you or someone close to you has sustained investment losses due to misconduct or fraud, please reach out to us at 1-800-856-3352 or simply fill out the provided form on our website for a free and confidential discussion about your case.
