UPDATE AUGUST 2018– Parsippany, New Jersey
FINRA Records for Joseph I. Rodriguez disclose the following:
- August 2017, FINRA case 16-1032 (see below) was settled for $60,000, with broker Joseph I. Rodriguez contributing $12,000 toward the settlement.
- FINRA Case 18-1082-seeks damages of $50,000 for an unsuitable recommendation to purchase municipal debt in 2013.
- FINRA Case 17-3108-filed in 11/2017 by a Hennion & Walsh client alleging that certain investment grade municipal bonds purchased between 2013-2017 were unsuitable. Customer seeks damages of $175,000.
- In June 2017 another dispute was filed by a Hennion & Walsh customer who is seeking damages of $125,000 and alleging that the portfolio was over concentrated with municipal debt. FINRA Case 17-1397
ORIGINAL POST-April 2017
The FINRA records of Joseph I. Rodriguez , a stockbroker who is employed by Hennion & Walsh disclose 2 prior final customer disputes and a currently pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In pending FINRA arbitration 16-01032 a customer of Hennion & Walsh alleges damages of $250,000 for an unsuitable recommendation to purchase municipal bonds.
In a prior matter, FINRA case #15-2348, a customer of Hennion & Walsh alleged damages of $56,390 for an unsuitable recommendation to invest in municipal debt. That case was settled for $25,000.
Joe Rodriguez has been employed by Hennion & Walsh since 8/1998.
We are currently investigating Joe Rodriguez on behalf of several retirees who alleges that they were sold unsuitable Puerto Rico municipal bonds.
Puerto Rico Debt Crisis
In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.
Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.
Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.
If you have losses in an account in an account handled by Joseph I. Rodriguez , contact us to discuss how you may be able to recover damages for those losses.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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