Did you lose money investing with Rani Soto (CRD# 6016117)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Rani Soto. If you suffered losses investing with Rani Soto, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of March 30, 2023, Rani Soto’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
2 Regulatory Events
1 Employment Separation After Allegations
1 Financial Disclosure
November 13, 2020 – An Offer of Settlement was issued in which Soto was barred from association with any FINRA member in all capacities. Without admitting or denying the allegations, Soto consented to the sanction and to the entry of findings that he failed to disclose outside business activities (OBAs) to his member firm prior to engaging in them. The findings stated that Soto received, or expected to receive, compensation from the OBAs and each of these business activities took place outside of the scope of his relationship with the firm. The findings also stated that Soto made false statements to the firm in documents concerning his participation in the OBAs. Soto falsely attested on annual compliance questionnaires for the firm that he had not held any paid or unpaid positions at an outside business in the past year. At the time of his attestations, he had held paid positions at four OBAs. In addition, Soto never updated his Uniform Application for Securities Industry Registration or Transfer form (Form U4) to disclose these OBAs. Nevertheless, Soto falsely affirmed on annual Form U4 attestations to the firm that the information on his Form U4 was complete, accurate and up-to-date. The findings also included that throughout FINRA’s investigation of this matter, Soto failed to timely and completely respond to requests for documents and information issued to him. Soto’s failure to respond to requests caused significant delay to FINRA’s investigation into his termination by his firm. Soto’s failures ultimately led to the initiation of a proceeding against him and his suspension pursuant to FINRA Rule 9552. Before Soto’s suspension would have converted to an all capacities bar, he made a partial production of documents to FINRA that lifted his suspension. After the suspension was lifted, Soto failed to timely and completely respond to additional requests issued to him by FINRA. Among other things, Soto failed to provide complete bank records and tax returns. (FINRA Case #2018059766702)
Current and Previous Registrations
01/12/2016 – 09/07/2018 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC (CRD#:18353) NEWARK, NJ
05/08/2015 – 12/28/2015 ALLIANCEBERNSTEIN INVESTMENTS, INC. (CRD#:14549) NEW YORK, NY
07/02/2014 – 03/10/2015 ADP BROKER-DEALER, INC. (CRD#:37693) ROSELAND, NJ
10/01/2012 – 12/31/2013 J.P. MORGAN SECURITIES LLC (CRD#:79) NEW YORK, NY
02/14/2012 – 10/01/2012 CHASE INVESTMENT SERVICES CORP. (CRD#:25574) JERSEY CITY, NJ
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Rani Soto and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
