National investment loss lawyers KlaymanToskes reports broker/investment advisor Elba Nogueras (CRD# 4459340) of First Southern, LLC, has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”). FINRA’s decision comes after Noguera allegedly concentrated her customer’s net worth into a single non-traded real estate investment trust.
According to FINRA BrokerCheck, Elba Margarita Nogueras Diaz was previously registered as a broker with First Southern from 2019 to 2021 in Guaynabo, PR. She was also previously registered with Kovack Securities from 2015 to 2019.
Investors that suffered losses with Elba Nogueras may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Si no habla inglés, no hay problema. KlaymanToskes tiene personas que hablan español por su evaluación de su caso y una oficina en San Juan, Puerto Rico.
On September 18, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Elba Nogueras, disclosing that Nogueras consented to sanctions of a $5,000 fine, disgorgement of $5,670 plus interest, and a four-month suspension from associating with any FINRA member in all capacities.
According to the AWC, as a representative of First Southern, Nogueras recommended that her 52-year-old customer invest in a non-traded real estate investment trust (“REIT”). The AWC states that “the non-traded REIT was illiquid, and investors had only limited opportunities, at the issuer’s discretion, to redeem their shares.”
FINRA’s investigation found that upon Nogueras’ recommendations, the customer invested $81,000 in the non-traded REIT, which represented 81 percent of the customer’s liquid net worth. In turn, Nogueras earned a commission of $5,670.
Nogueras lacked a reasonable basis to believe her recommendation that her customer invest the majority of his liquid net worth in the non-traded REIT was in the best interest of the customer, who had a moderate risk tolerance and limited investment experience.
According to FINRA, brokerage firms such as First Southern are responsible for the supervision of all of the activities of their registered brokers/financial advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Brokers and financial advisors must consider an investment’s risk, ensure that they do not misrepresent material facts, and/or overconcentrate the customer’s portfolio in unsuitable investments. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
Investors that suffered losses with Elba Nogueras are encouraged to contact attorney Lawrence L. Klayman, Esq., to discuss legal options at 888-997-9956 or by email at lawrence@klaymantoskes.com. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Si no habla inglés, no hay problema. KlaymanToskes tiene personas que hablan español por su evaluación de su caso y una oficina en San Juan, Puerto Rico.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com