The allegations read: Ian deliz morales was a subject of the customer's complaint against his member firm, popular securities, llc, that asserted the following causes of action: misrepresentation; negligence; breach of contract; breach of fiduciary duty; overconcentration in violation of finra and nasd rules; unsuitability; unauthorized trading and use of loan facilities; failure to supervise in violation of finra and nasd rules; unjust enrichment; market manipulation; and violation of the puerto rico and federal securities acts. The causes of action relate to respondent's recommended investments in commonwealth of puerto rico bonds and closed end funds, primarily comprised of bonds issued by the government development bank and the puerto rico sales tax financing corporation.
