Walter Valenzuela (CRD# 2280224), a registered representative with Kestra Investment Services LLC (CRD#: 42046) and a Registered Investment Adviser (RIA) with Kestra Private Wealth Services LLC (CRD#: 155193) in San Diego, California, is currently involved in more than $1 million worth of investor disputes, according to his BrokerCheck record accessed on July 3, 2020. This is an update to one of our previous posts on Walter Valenzuela. What happened to lead to these disputes? Read on to learn more.
On May 29, 2020, a client filed a complaint against Walter Valenzuela, alleging that he made unsuitable investment recommendations, made misrepresentations, and engaged in excessive trading. The client is seeking $1 million in damages; the dispute is pending.
On June 22, 2020, a second client filed a complaint against Walter Valenzuela, alleging that he engaged in excessive trading, made unsuitable investment recommendations, made misrepresentations, and committed elder abuse. This client is seeking $250,000 in damages; the dispute is pending.
These two pending complaints are not the only disclosures on Walter Valenzuela’s BrokerCheck record. He has also been the subject of four settled investor disputes.
In July 2018, a customer alleged Walter Valenzuela, while employed at Hilltop Securities, recommended unsuitable investments, misrepresented material facts, and executed excessive trades. The customer sought $3 million in damages; the matter later settled.
In August 2017, a customer alleged that Walter Valenzuela, while employed at Hilltop Securities, churned their accounts, used margin without authorization, recommended unsuitable products, committed final exploitation and elder abuse, and failed to obtain proper breakpoint discounts for unit investment trust purchases. The customer sought $9.5 million in damages; the matter later settled for $450,000.
In 2013, a customer alleged that Walter Valenzuela, while employed at ML Stern, made an unsuitable investment recommendation, breached his fiduciary duty, and made misrepresentations of material facts. The complaint later settled.
In 1999, a customer alleged that Walter Valenzuela, while employed at ML Stern, acted negligently, breached his fiduciary duty, made material misrepresentations, and committed violations of industry rules. The complaint later settled.
Walter Valenzuela has spent 27 years in the securities industry and has been registered with four firms. In addition to Kestra Investment Services LLC (CRD#: 42046) and Kestra Private Wealth Services LLC (CRD#: 155193) in San Diego, California, he has also worked for:
- Hilltop Securities (CRD#: 6220) — broker-dealer and investment adviser
- ML Stern & Company (CRD#: 8327) — broker-dealer and investment adviser
He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination) and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 31 US states and territories.
If Walter Valenzuela was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.