DAVID R GARCIA - FINRA · Louisiana Agent APPROVED 04/15/2014 Maine Agent APPROVED 04/15/2014 Maryland Agent APPROVED 04/15/2014 Nebraska Agent APPROVED 04/15/2014 Nevada Agent APPROVED

BrokerCheck Report

DAVID R GARCIA

Section Title

Report Summary

Broker Qualifications

Registration and Employment History

Disclosure Events

CRD# 2281514

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2 - 5

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Page(s)

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About BrokerCheck®

BrokerCheck offers information on all current, and many former, registered securities brokers, and all current and formerregistered securities firms. FINRA strongly encourages investors to use BrokerCheck to check the background ofsecurities brokers and brokerage firms before deciding to conduct, or continue to conduct, business with them.

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DAVID R. GARCIA

CRD# 2281514

Currently employed by and registered with thefollowing Firm(s):

MORGAN STANLEY220 ALHAMBRA CIRCLE 10TH FLCORAL GABLE, FL 33134CRD# 149777Registered with this firm since:

IA

MORGAN STANLEY220 ALHAMBRA CIRCLE 10TH FLCORAL GABLE, FL 33134CRD# 149777Registered with this firm since: 04/15/2014

B

Report Summary for this Broker

This report summary provides an overview of the broker's professional background and conduct. Additionalinformation can be found in the detailed report.

Disclosure Events

All individuals registered to sell securities or provideinvestment advice are required to disclose customercomplaints and arbitrations, regulatory actions,employment terminations, bankruptcy filings, andcriminal or civil judicial proceedings.

Are there events disclosed about this broker? Yes

The following types of disclosures have beenreported:

Type Count

Customer Dispute 23


This broker is registered with:

4 Self-Regulatory Organizations

29 U.S. states and territories

This broker has passed:

0 Principal/Supervisory Exams

2 General Industry/Product Exams

2 State Securities Law Exams

Registration History

This broker was previously registered with thefollowing securities firm(s):

SANTANDER SECURITIES LLCCRD# 41791DORCHESTER, MA09/2006 - 04/2014

B

UBS FINANCIAL SERVICESINCORPORATED OF PUERTO RICOCRD# 13042SAN JUAN, PR09/1994 - 09/2006

B

UBS FINANCIAL SERVICES INC.CRD# 8174SAN JUAN, PR12/1993 - 09/2006

B

www.finra.org/brokercheck User Guidance

1�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.


http://www.finra.org/brokercheck

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Registrations

This section provides the self-regulatory organizations (SROs) and U.S. states/territories the broker is currently registered and licensed with, thecategory of each license, and the date on which it became effective. This section also provides, for every brokerage firm with which the broker iscurrently employed, the address of each branch where the broker works.

This individual is currently registered with 4 SROs and is licensed in 29 U.S. states and territories through his or her employer.

Employment 1 of 1Firm Name:

Main Office Address:

Firm CRD#:

MORGAN STANLEY

149777

2000 WESTCHESTER AVENUEPURCHASE, NY 10577-2530

SRO Category Status Date

B FINRA General Securities Representative APPROVED 04/15/2014

B NYSE American LLC General Securities Representative APPROVED 04/15/2014

B Nasdaq Stock Market General Securities Representative APPROVED 04/15/2014

B New York Stock Exchange General Securities Representative APPROVED 04/15/2014

BU.S. State/ Territory Category Status Date

B California Agent APPROVED 04/15/2014

B Connecticut Agent APPROVED 04/15/2014

B Delaware Agent APPROVED 05/08/2014

B District of Columbia Agent APPROVED 04/15/2014

B Florida Agent APPROVED 05/07/2014

IA Florida Investment Adviser Representative APPROVED 05/06/2015

B Georgia Agent APPROVED 04/15/2014

B Hawaii Agent APPROVED 05/19/2014

B Illinois Agent APPROVED 04/15/2014





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Employment 1 of 1, continued


B Indiana Agent APPROVED 04/23/2014

B Iowa Agent APPROVED 03/23/2016

B Kansas Agent APPROVED 04/15/2014

B Kentucky Agent APPROVED 04/15/2014

B Louisiana Agent APPROVED 04/15/2014

B Maine Agent APPROVED 04/15/2014

B Maryland Agent APPROVED 04/15/2014

B Nebraska Agent APPROVED 04/15/2014

B Nevada Agent APPROVED 04/15/2014

B New Hampshire Agent APPROVED 04/15/2014

B New Jersey Agent APPROVED 04/15/2014

B New York Agent APPROVED 04/15/2014

B North Carolina Agent APPROVED 04/15/2014

B Pennsylvania Agent APPROVED 04/15/2014

B Puerto Rico Agent APPROVED 04/15/2014

B South Carolina Agent APPROVED 04/15/2014

B Texas Agent APPROVED 04/15/2014

IA Texas Investment Adviser Representative APPROVED 07/14/2014

B Virginia Agent APPROVED 04/15/2014

B Washington Agent APPROVED 04/15/2014

B Wisconsin Agent APPROVED 04/15/2014







Employment 1 of 1, continued


B Wyoming Agent APPROVED 04/15/2014

Branch Office Locations

MORGAN STANLEY220 ALHAMBRA CIRCLE 10TH FLCORAL GABLE, FL 33134







Industry Exams this Broker has Passed

This individual has passed 0 principal/supervisory exams, 2 general industry/product exams, and 2 state securities law exams.

This section includes all securities industry exams that the broker has passed. Under limited circumstances, a broker may attain a registrationafter receiving an exam waiver based on exams the broker has passed and/or qualifying work experience. Any exam waivers that the broker hasreceived are not included below.

Exam Category Date

Principal/Supervisory Exams

No information reported.

Exam Category Date

General Industry/Product Exams

Securities Industry Essentials Examination 10/01/2018SIEB

General Securities Representative Examination 12/20/1993Series 7B

Exam Category Date

State Securities Law Exams

Uniform Investment Adviser Law Examination 03/24/2015Series 65IA

Uniform Securities Agent State Law Examination 02/19/1994Series 63B

Additional information about the above exams or other exams FINRA administers to brokers and other securities professionals can be found atwww.finra.org/brokerqualifications/registeredrep/.





www.finra.org/brokerqualifications/registeredrep/



Professional Designations

This section details that the representative has reported 0 professional designation(s).

No information reported.






Registration and Employment History

Registration History

Registration Dates Firm Name CRD# Branch Location

The broker previously was registered with the following firms:

B 09/2006 - 04/2014 SANTANDER SECURITIES LLC 41791 DORCHESTER, MA

B 09/1994 - 09/2006 UBS FINANCIAL SERVICESINCORPORATED OF PUERTO RICO

13042 SAN JUAN, PR

B 12/1993 - 09/2006 UBS FINANCIAL SERVICES INC. 8174 SAN JUAN, PR

Employment History

Employment Employer Name Investment RelatedPosition Employer Location

This section provides up to 10 years of an individual broker's employment history as reported by the individual broker on the most recently filedForm U4.

Please note that the broker is required to provide this information only while registered with FINRA or a national securities exchangeand the information is not updated via Form U4 after the broker ceases to be registered. Therefore, an employment end date of"Present" may not reflect the broker's current employment status.

01/2015 - Present MORGAN STANLEY PRIVATE BANK,NATIONAL ASSOCIATION

FINANCIAL ADVISOR Y NEW YORK, NY, UnitedStates

04/2014 - Present MORGAN STANLEY SMITH BARNEY FINANCIAL ADVISOR Y CORAL GABLES, FL, UnitedStates

09/2006 - 04/2014 SANTANDER SECURITIES SENIOR VICEPRESIDENT /INVESTMENT

N GUAYNABO, PR, UnitedStates

Other Business Activities

This section includes information, if any, as provided by the broker regarding other business activities the broker is currently engaged in either asa proprietor, partner, officer, director, employee, trustee, agent or otherwise. This section does not include non-investment related activity that isexclusively charitable, civic, religious or fraternal and is recognized as tax exempt.

Real Estate/ Cond. Villa Caparaa Pl.; Investment related ; Guaynabo PR; Real Estate; Sole Proprietor / Owner / Partner; Apr/1997; Duringbusiness hours: 0; After business hours: 0; Owner of Condo.






Disclosure Events

What you should know about reported disclosure events:

1. All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations,regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.

2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event. o A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the

industry and that the activity resulted in damages of at least $5,000. o

3. Disclosure events in BrokerCheck reports come from different sources: o As mentioned at the beginning of this report, information contained in BrokerCheck comes from brokers, brokerage firms and

regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event willappear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled.

o4. There are different statuses and dispositions for disclosure events:

o A disclosure event may have a status of pending, on appeal, or final.§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed.§ A "final" event has been concluded and its resolution is not subject to change.

o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative

panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing.§ A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that brokers and

brokerage firms may choose to settle customer disputes or regulatory matters for business or other reasons.§ A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the

individual broker. Such matters generally involve customer disputes.

For your convenience, below is a matrix of the number and status of disclosure events involving this broker. Further informationregarding these events can be found in the subsequent pages of this report. You also may wish to contact the broker to obtain furtherinformation regarding these events.

Final On AppealPending

Customer Dispute 6 17 N/A






Disclosure Event Details

When evaluating this information, please keep in mind that a discloure event may be pending or involve allegations that are contested and havenot been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through anegotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputingthe allegations) with no admission or finding of wrongdoing.

This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report maybe blank if the information was not provided to CRD.

Customer Dispute - Settled

This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegationsof sale practice violations against the broker that resulted in a monetary settlement to the customer.

Disclosure 1 of 16

Reporting Source: Firm

Employing firm whenactivities occurred which ledto the complaint:

Allegations:

UBS Financial Services Inc.

Time frame: 2002-2014Allegations:Claimant alleges the recommendation to invest in and hold Puerto Rico Closed-End Funds and municipal bonds was unsuitable, and her account was unsuitablyover concentrated in Puerto Rico investments. She also alleges that the risk ofinvesting in and concentration in Puerto Rico investments was misrepresented.

Product Type: Other: Puerto Rico Closed-End Funds and Puerto Rico Municipal Bonds

Alleged Damages: $0.00

Alleged Damages AmountExplanation (if amount notexact):

$ 90,000 - 145,690.38

Is this an oral complaint? No

Is this a written complaint? Yes

Is this an arbitration/CFTCreparation or civil litigation?

Yes

Arbitration/Reparation forumor court name and location:

FINRA Arbitration

Docket/Case #: 19-00787






Date Complaint Received: 04/25/2019

Complaint Pending? No

Status:

Status Date: 05/13/2020

Settlement Amount: $30,000.00

Individual ContributionAmount:

$0.00

Customer Complaint Information

Settled

Filing date ofarbitration/CFTC reparationor civil litigation:

04/25/2019

iReporting Source: Broker


Allegations:


Time frame: 2002-2014 Allegations: Claimant alleges the recommendation toinvest in and hold Puerto Rico Closed-End Funds and municipal bonds wasunsuitable, and her account was unsuitably over concentrated in Puerto Ricoinvestments. She also alleges that the risk of investing in and concentration inPuerto Rico investments was misrepresented.

Product Type: Other: Puerto Rico Closed-End Funds and Puerto Rico Municipal Bonds



$ 90,000 - 145,690.38




Yes


FINRA Arbitration









Status:




$0.00


Settled



04/25/2019

Disclosure 2 of 16

i



Allegations:

UBS Financial Services, Inc.

Time frame: unspecified

Allegations: Claimant alleges his investments in Puerto Rico closed-end fundswere unsuitable, over concentrated, and misrepresented as safe investments.

Product Type: Other: CEF s



$ 100,000 - 500,000




Yes


FINRA









Status:




$0.00


Settled



12/19/2018



Allegations:


Time frame: unspecified Allegations: Claimant alleges his investments in PuertoRico closed-end funds were unsuitable, over concentrated, and misrepresented assafe investments.

Product Type: Other: CEF's



$ 100,000 - 500,000




Yes


FINRA



12/19/201812�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.







Status:




$0.00

Broker Statement I have not provided any advice or exchanged communications with the client sinceon or before I departed UBS FINANCIAL SERVICES INCORPORATED OFPUERTO RICO on September 20, 2006.


Settled


12/19/2018

Disclosure 3 of 16

i



Allegations:

Santander Securities LLC

Client's allege over-concentration, unsuitability, violations of the securities laws andregulations, common law fraud, constructive fraud, negligent misrepresentation,breach of fiduciary duty, breach of contract, negligent management, negligentsupervision, and fraudulent concealment of misconduct (Puerto Rico bonds, open-end funds and closed-end funds). Includes claims for rescission, punitivedamages, interest, costs and fees.

Product Type: Debt-MunicipalMutual FundOther: Closed end funds



Unspecified compensatory damages.


No








Status:


Settlement Amount: $1,100,000.00


$0.00

Firm Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.As of 2/7/20, the Firm settled this matter for $1,100,000. The representative wasnot asked to contribute to the settlement.


Settled

Is this a written complaint? No


Yes


FINRA - San Juan, PR



12/21/2018



Allegations:


Client's allege over-concentration, unsuitability, violations of the securities laws andregulations, common law fraud, constructive fraud, negligent misrepresentation,breach of fiduciary duty, breach of contract, negligent management, negligentsupervision, and fraudulent concealment of misconduct (Puerto Rico bonds, open-end funds and closed-end funds). Includes claims for rescission, punitivedamages, interest, costs and fees.

Product Type: Debt-MunicipalMutual FundOther: Closed end funds






Debt-MunicipalMutual FundOther: Closed end funds




Status:




$0.00

Broker Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.As of 2/7/20, the Firm settled this matter for $1,100,000. The representative wasnot asked to contribute to the settlement.


Settled


Unspecified compensatory damages.




Yes





12/21/2018

Disclosure 4 of 16

i



SANTANDER SECURITIES LLC






Allegations: Client alleges negligence, negligence in violation of industry standards, breach ofsuitability duty, breach of duty to engage in fair dealings, failure to supervise, over-concentration, breach of fiduciary duty, and breach of contract (Puerto Rico closed-end funds). Includes request for interest, costs and rescission.

Product Type: Other: Closed-end funds




Status:




$0.00

Firm Statement David Garcia Cirilo is not a named respondent to this arbitration. The claims arebelieved to stem from the unprecedented turmoil experienced in the Puerto Ricoeconomy. As of 11/27/2019, the Firm settled this matter for $75,000. Therepresentative was not asked to contribute to the settlement.


Settled


Claim for more than $1 million.




Yes





05/22/2018

iReporting Source:






Reporting Source: Broker


Allegations:


Client alleges negligence, negligence in violation of industry standards, breach ofsuitability duty, breach of duty to engage in fair dealings, failure to supervise, over-concentration, breach of fiduciary duty, and breach of contract (Puerto Rico closed-end funds). Includes request for interest, costs and rescission.

Product Type: Other: Closed-end funds




Status:




$0.00

Broker Statement David Garcia Cirilo is not a named respondent to this arbitration. The claims arebelieved to stem from the unprecedented turmoil experienced in the Puerto Ricoeconomy. As of 11/27/2019, the Firm settled this matter for $75,000. Therepresentative was not asked to contribute to the settlement.


Settled




Yes





05/22/2018

Disclosure 5 of 16

i






Disclosure 5 of 16



Allegations:


Time frame: UnspecifiedClaimants allege their investments in Puerto Rico closed-end funds wereunsuitable, over-concentrated, and misrepresented as safe investments.

Product Type: Other: PR Closed-End Funds




Status:




$0.00


Settled


$100,000 to $500,000




Yes


FINRA



05/07/2018

iReporting Source:








Allegations:


Unspecified Claimants allege their investments in Puerto Rico closed-end fundswere unsuitable, over-concentrated, and misrepresented as safe investments.

Product Type: Other: PR Closed-End Funds




Status:




$0.00

Broker Statement I haven't provided any advice to these claimants in the past 12 years since I leftUBS. At that time, these investments were appropriate for the client.


Settled


$100000 TO $500000




Yes


FINRA



05/07/2018

Disclosure 6 of 16

i






Disclosure 6 of 16



Allegations:

Santander Securities, LLC

Client alleges, over-concentration, unsuitability, breach of fiduciary duty, violationsof securities laws and rules, breach of contract, negligence, fraud, falseinducement to inaction, failure to supervise, breach of duty of good faith and fairdealing (Puerto Rico bonds closed-end funds). Includes request for rescission,restitution, punitive damages, interest, costs and fees.

Product Type: Debt-MunicipalOther: Closed-end funds

Alleged Damages: $250,000.00



Status:




$0.00

Firm Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.As of 5/26/20, the Firm settled this matter for $65,000. The representative was notasked to contribute to the settlement.


Settled




Yes





09/28/2018






David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.As of 5/26/20, the Firm settled this matter for $65,000. The representative was notasked to contribute to the settlement.



Allegations:


Client alleges, over-concentration, unsuitability, breach of fiduciary duty, violationsof securities laws and rules, breach of contract, negligence, fraud, falseinducement to inaction, failure to supervise, breach of duty of good faith and fairdealing (Puerto Rico bonds closed-end funds). Includes request for rescission,restitution, punitive damages, interest, costs and fees.




Complaint Pending? Yes

Settlement Amount:


Broker Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.





Yes





09/28/2018






Disclosure 7 of 16

i



Allegations:


Client alleges, among other things, overconcentration, unsuitability, breach offiduciary duty, breach of contract, contractual negligence, fraud, constructive fraud,failure to supervise, and violations of securities laws and rules (Puerto Rico bondfunds). Includes request for interest, and fees.

Product Type: Mutual FundOther: Closed-end funds




Status:




$0.00

Firm Statement David Garcia is not a named respondent to this arbitration. The claims arebelieved to stem from the unprecedented turmoil experienced in the Puerto Ricoeconomy. As of 1/14/20, the Firm settled this matter for $20,000. Therepresentative was not asked to contribute to this settlement.


Settled




Yes





08/10/2017






David Garcia is not a named respondent to this arbitration. The claims arebelieved to stem from the unprecedented turmoil experienced in the Puerto Ricoeconomy. As of 1/14/20, the Firm settled this matter for $20,000. Therepresentative was not asked to contribute to this settlement.



Allegations:


Client alleges, among other things, overconcentration, unsuitability, breach offiduciary duty, breach of contract, contractual negligence, fraud, constructive fraud,failure to supervise, and violations of securities laws and rules (Puerto Rico bondfunds). Includes request for interest, and fees.

Product Type: Mutual FundOther: Closed-end funds




Status:




$0.00

Broker Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.As of 1/14/20, the Firm settled this matter for $20,000. The representative was notasked to contribute to this settlement.


Settled




Yes





08/10/2017






Broker Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.As of 1/14/20, the Firm settled this matter for $20,000. The representative was notasked to contribute to this settlement.

Disclosure 8 of 16

i



Allegations:


Client alleges, among other things, unsuitability, overconcentration, violations ofthe securities laws, fraud, breach of good faith and fair dealing, breach of contract,and breach of fiduciary duties (Puerto Rico bonds and closed-end funds).

Product Type: Debt-MunicipalOther: Puerto Rico closed-end funds

Alleged Damages: $2,212,354.00



Status:




$0.00

Firm Statement David Garcia is not a named respondent to this arbitration. As of 6/11/19, the Firmsettled this matter for $325,000. The representative was not asked to contribute tothis settlement.


Settled




Yes





12/05/2016






Firm Statement David Garcia is not a named respondent to this arbitration. As of 6/11/19, the Firmsettled this matter for $325,000. The representative was not asked to contribute tothis settlement.



Allegations:


Client alleges, among other things, unsuitability, overconcentration, violations ofthe securities laws, fraud, breach of good faith and fair dealing, breach of contract,and breach of fiduciary duties (Puerto Rico bonds and closed-end funds).

Product Type: Debt-MunicipalOther: Puerto Rico closed-end funds




Status:




$0.00

Broker Statement David Garcia is not a named respondent to this arbitration. As of 6/11/19, the Firmsettled this matter for $325,000. The representative was not asked to contribute tothis settlement.


Settled




Yes





12/05/2016






Broker Statement David Garcia is not a named respondent to this arbitration. As of 6/11/19, the Firmsettled this matter for $325,000. The representative was not asked to contribute tothis settlement.

Disclosure 9 of 16

i



Allegations:


Client alleges breach of fiduciary duty, breach of contract, negligence, fraud, andnegligent supervision (Puerto Rico municipal bonds and closed-end funds).





Status:




$0.00

Firm Statement David Garcia is not a named respondent to this arbitration. As of 04/12/2019, theFirm has settled this case for $350,000. The representative was not asked tocontribute to the settlement.


Settled




Yes





07/29/2016






David Garcia is not a named respondent to this arbitration. As of 04/12/2019, theFirm has settled this case for $350,000. The representative was not asked tocontribute to the settlement.



Allegations:


Client alleges breach of fiduciary duty, breach of contract, negligence, fraud, andnegligent supervision (Puerto Rico municipal bonds and closed-end funds).





Status:




$0.00

Broker Statement David Garcia is not a named respondent to this arbitration. As of 04/12/2019, theFirm has settled this case for $350,000. The representative was not asked tocontribute to the settlement.


Settled




Yes





07/29/2016






Disclosure 10 of 16

i



Allegations:

UBS FINANCIAL SERVICES INC

Time Frame: 2013 to presentClaimants alleges misrepresentations, unsuitability and over concentrationconcerning her investments in closed-end funds.

Product Type: Other: closed end funds




Status:




$0.00


Settled




Yes


FINRA



07/01/2015










Allegations:


Time Frame: 2013 to present Claimants alleges misrepresentations, unsuitabilityand over concentration concerning her investments in closed-end funds.

Product Type: Other: closed end funds




Status:




$0.00


Settled




Yes


FINRA



07/01/2015

Disclosure 11 of 16

i



Allegations:


Clients allege breach of fiduciary duty, negligence, fraud, failure to supervise andbreach of contract (Puerto Rico municipal bonds and closed-end funds).

Other: Closed End Funds29�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.





Product Type: Other: Closed End Funds




Status:




$0.00

Firm Statement David Garcia is not a named respondent to this arbitration. As of 8/28/19, the firmsettled this matter for $250,000. The representative was not asked to contribute tothis matter.


Settled




Yes


FINRA - SAN JUAN, PR



05/06/2015



Allegations:


Clients allege breach of fiduciary duty, negligence, fraud, failure to supervise andbreach of contract (Puerto Rico municipal bonds and closed-end funds).

Product Type: Other: Closed End Funds









Status:




$0.00

Broker Statement David Garcia is not a named respondent to this arbitration. As of 8/28/19, the firmsettled this matter for $250,000. The representative was not asked to contribute tothis matter.


Settled




Yes


FINRA - SAN JUAN, PR



05/06/2015

Disclosure 12 of 16

i



Allegations:

UBS FINANCIAL SERVICES INC.

CLAIMANT ALLEGES UNSUITABILITY, OVERCONCENTRATION ANDMISREPRESENTATIONS INVOLVING THE RECOMMENDATION OF CLOSED-END FUNDS. TIME FRAME: NOT STATED.

Product Type: Other: CLOSED END FUNDS


Is this an oral complaint?








Status:




$0.00


Settled




Yes


FINRA



08/11/2015



Allegations:


CLAIMANT ALLEGES UNSUITABILITY, OVERCONCENTRATION ANDMISREPRESENTATIONS INVOLVING THE RECOMMENDATION OF CLOSED-END FUNDS. TIME FRAME: NOT STATED.

Product Type: Other: CLOSED END FUNDS





Yes








Status:




$0.00

Broker Statement David Garcia was not a respondent in this claim, neither contributed any monetarycompensation.


Settled


FINRA



08/11/2015

Disclosure 13 of 16

i



Allegations:


CLIENT ALLEGES BREACH OF FIDUCIARY DUTY, NEGLIGENCE, FRAUD,FAILURE TO SUPERVISE AND BREACH OF CONTRACT (PUERTO RICOMUNICIPAL BONDS AND CLOSED-END FUNDS).

Product Type: Debt-MunicipalOther: CLOSED END FUNDS





Yes

FINRA ARBITRATION - SAN JUAN PR








Status:




$0.00

Firm Statement DAVID GARCIA IS NOT A NAMED RESPONDENT TO THIS ARBITRATION. As of3/8/2017, the firm has settled this case for $575,000. The representative was notasked to contribute to the settlement.


Settled





06/23/2015



Allegations:


CLIENT ALLEGES BREACH OF FIDUCIARY DUTY, NEGLIGENCE, FRAUD,FAILURE TO SUPERVISE AND BREACH OF CONTRACT (PUERTO RICOMUNICIPAL BONDS AND CLOSED-END FUNDS).

Product Type: Debt-MunicipalOther: CLOSED END FUNDS





Yes










Status:




$0.00

Broker Statement DAVID GARCIA IS NOT A NAMED RESPONDENT TO THIS ARBITRATION. As of3/8/2017, the firm has settled this case for $575,000. The representative was notasked to contribute to the settlement.


Settled





06/23/2015

Disclosure 14 of 16

i



Allegations:


CLIENT ALLEGES NEGLIGENT MISREPRESENTATION AND OMISSION,BREACH OF FIDCUIARY DUTY, AND NEGLIGENT SUPERVISION

Product Type: Debt-Municipal





Yes



Docket/Case #: 14-0289635�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.







Status:




$0.00



Settled



09/18/2014

iReporting Source: Firm


Allegations:


TIME FRAME:2006-PRESENTCLAIMANTS ALLEGE THEIR INVESTMENTS IN PUERTO RICAN CLOSED-ENDBOND FUNDS WERE UNSUITABLE, OVER CONCENTRATED ANDMISREPRESENTED AS SAFE INVESTMENTS.

Product Type: Other: PR CLOSED END FUNDS





Yes


FINRA









Status:




$0.00


Settled



11/14/2014



Allegations:

UBS FINANCIAL SERVICES INC. ALSO SANTANDER SECURITIES LLC

TIME FRAME:2006-PRESENT CLAIMANTS ALLEGE THEIR INVESTMENTS INPUERTO RICAN CLOSED-END BOND FUNDS WERE UNSUITABLE, OVERCONCENTRATED AND MISREPRESENTED AS SAFE INVESTMENTS.CLIENTALLEGES NEGLIGENT MISREPRESENTATION AND OMISSION, BREACH OFFIDUCIARY DUTY, AND NEGLIGENT SUPERVISION

Product Type: Debt-MunicipalOther: PR CLOSED END FUNDS





Yes


FINRA



09/18/2014








Status:




$0.00

Broker Statement DAVID GARCIA IS NOT A NAMED RESPONDENT TO THIS ARBITRATIONFROM SANTANDER SECURITIES, LLC. As of 3/21/2017, the firm has settled thiscase for $50,000. The representative was not asked to contribute to thesettlement.


Settled


09/18/2014

Disclosure 15 of 16

i



Allegations:


CLIENT ALLEGES BREACHES OF FIDUCIARY DUTY, BREACH OF CONTRACT,CONTRACTUAL NEGLIGENCE, FRAUD AND FAILURE TO SUPERVISE ANDCONTROL.






Yes





07/24/2014 38�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.







Status:




$0.00



Settled


07/24/2014



Allegations:


CLIENT ALLEGES BREACHES OF FIDUCIARY DUTY, BREACH OF CONTRACT,CONTRACTUAL NEGLIGENCE, FRAUD AND FAILURE TO SUPERVISE ANDCONTROL.






Yes





07/24/2014








Status:




$0.00

Broker Statement Santander's comments: DAVID GARCIA IS NOT A NAMED RESPONDENT TOTHIS ARBITRATION. As of 8/5/2016, the firm has settled this case for $200,000.The representative was not asked to contribute to the settlement.


Settled


07/24/2014

Disclosure 16 of 16

i



Allegations:


CLAIMANTS ALLEGE UNSUITABLE RECOMMENDATIONS ANDMISREPRESENTATIONS IN CONNECTION WITH THEIR PURCHASE OFCLOSED-END PUERTO RICO MUNICIPAL BOND FUNDS. TIME FRAME: 2004 -PRESENT.

Product Type: Other: CLOSED-END FUNDS





Yes


FINRA



06/23/2014 40�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.







Status:




$0.00


Settled


06/23/2014



Allegations:


CLAIMANTS ALLEGE UNSUITABLE RECOMMENDATIONS ANDMISREPRESENTATIONS IN CONNECTION WITH THEIR PURCHASE OFCLOSED-END PUERTO RICO MUNICIPAL BOND FUNDS. TIME FRAME: 2004 -PRESENT.

Product Type: Other: CLOSED-END FUNDS






Yes


FINRA



06/23/2014








Status:




$0.00


Settled






Customer Dispute - Closed-No Action / Withdrawn / Dismissed / Denied

This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of salespractice violations against the broker; or (2) a pending, consumer-initiated, investment-related written complaint containing allegations that thebroker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, orconversion of funds or securities.

Disclosure 1 of 1



Allegations:


CLIENT ALLEGES SHE NEVER AUTHORIZED SYSTEMATIC WITHDRAWALSFROM HER ACCOUNT. SHE ALSO CLAIMS THE FINANCIAL ADVISOR FAILEDTO SELL HER R&G FINANCIAL CORPORATION POSITION AS SHEREQUESTED. ALLEGED DAMAGES: ESTIMATED TO EXCEED $5,000

Product Type: Equity Listed (Common & Preferred Stock)

Alleged Damages:



Status:


Settlement Amount:


Broker Statement THIS CLAIM IS WITHOUT MERIT. I DID SUGGEST IN FEBRUARY 2005 THATTHE CLIENT SELL R & G TO TAKE ADVANTAGE OF THE 5% CAPITAL GAINBEFORE JUNE 30, 2005, SHE ANSWERED THAT SHE WOULD CONTACT HERCPA. I NEVER RECEIVED AUTHORIZATION FROM HER TO SELL.SYSTEMATIC WITHDRAWALS WERE AUTHORIZED BY THE CLIENT.


Denied






Customer Dispute - Pending

This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of salespractice violations against the broker; or (2) a pending, consumer-initiated, investment-related written complaint containing allegations that thebroker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, orconversion of funds or securities.

Disclosure 1 of 6



Allegations:


Time frame: UnspecifiedClaimants allege the recommendations to invest in and hold Puerto Rico Closed-End Bond Funds and Puerto Rico Government Bonds were unsuitable and thattheir accounts were unsuitably over-concentrated in those investments. Claimantsalso allege that the risk of concentration in Puerto Rico investments wasmisrepresented.

Product Type: Other: Puerto Rico Closed-End Bond Funds Puerto Rico Government Bonds




Settlement Amount:






Yes


FINRA Arbitration



10/09/2019








Allegations:


Time frame: Unspecified Claimants allege the recommendations to invest in andhold Puerto Rico Closed-End Bond Funds and Puerto Rico Government Bondswere unsuitable and that their accounts were unsuitably over-concentrated inthose investments. Claimants also allege that the risk of concentration in PuertoRico investments was misrepresented.

Product Type: Other: Puerto Rico Closed-End Bond Funds Puerto Rico Government Bonds




Settlement Amount:


Broker Statement I have not provided any advice or exchanged communications with the client sinceor before I departed UBS Financial Services Puerto Rico on September 06, 2006





Yes


FINRA



10/09/2019

Disclosure 2 of 6

i








Allegations:


Client alleges over-concentration, unsuitability, breach of fiduciary duty, breach ofcontract, contractual negligence, fraud, constructive fraud, failure to supervise andcontrol, and violations of securities laws and rules (Puerto Rico bond funds).Includes request for punitive damages, interest, costs and fees.





Settlement Amount:


Firm Statement David Garcia is not a named respondent to this arbitration. The claims are believedto stem from the unprecedented turmoil experienced in the Puerto Rico economy.





Yes





08/21/2019



Allegations:


Client alleges over-concentration, unsuitability, breach of fiduciary duty, breach ofcontract, contractual negligence, fraud, constructive fraud, failure to supervise andcontrol, and violations of securities laws and rules (Puerto Rico bond funds).Includes request for punitive damages, interest, costs and fees.






Allegations: Client alleges over-concentration, unsuitability, breach of fiduciary duty, breach ofcontract, contractual negligence, fraud, constructive fraud, failure to supervise andcontrol, and violations of securities laws and rules (Puerto Rico bond funds).Includes request for punitive damages, interest, costs and fees.





Settlement Amount:







Yes





08/21/2019

Disclosure 3 of 6

i



Allegations:


Client's allege unsuitability, over-concentration, violations of securities laws andrules, fraud, breach of fiduciary duty, breach of good faith and fair dealings,negligence, failure to supervise, breach of contract, and gross and wantonnegligence (Puerto Rico bonds and closed-end funds). Includes request forpunitive damages, interest, costs, fees, disgorgement of commission/fees andrescission.





www.finra.org/brokercheck User GuidanceClient's allege unsuitability, over-concentration, violations of securities laws andrules, fraud, breach of fiduciary duty, breach of good faith and fair dealings,negligence, failure to supervise, breach of contract, and gross and wantonnegligence (Puerto Rico bonds and closed-end funds). Includes request forpunitive damages, interest, costs, fees, disgorgement of commission/fees andrescission.





Settlement Amount:







Yes





08/01/2019



Allegations:


Client's allege unsuitability, over-concentration, violations of securities laws andrules, fraud, breach of fiduciary duty, breach of good faith and fair dealings,negligence, failure to supervise, breach of contract, and gross and wantonnegligence (Puerto Rico bonds and closed-end funds). Includes request forpunitive damages, interest, costs, fees, disgorgement of commission/fees andrescission.

Debt-MunicipalOther: Closed-end funds 48�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.









Settlement Amount:







Yes





08/01/2019

Disclosure 4 of 6

i



Allegations:


Client's allege over-concentration, unsuitability, breach of fiduciary duty, violationsof securities laws and rules, breach of contract, negligence, fraud, falseinducement to inaction, failure to supervise, breach of duty of good faith and fairdealing (Puerto Rico bonds). Includes request for rescission, punitive damages,interest, costs, fees.


$60,000.0049�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.








Settlement Amount:







Yes





07/30/2019



Allegations:


Client's allege over-concentration, unsuitability, breach of fiduciary duty, violationsof securities laws and rules, breach of contract, negligence, fraud, falseinducement to inaction, failure to supervise, breach of duty of good faith and fairdealing (Puerto Rico bonds). Includes request for rescission, punitive damages,interest, costs, fees.




No








Settlement Amount:






Yes





07/30/2019

Disclosure 5 of 6

i



Allegations:


Client alleges unsuitability, over-concentration, breach of contract, breach offiduciary duties, negligence, negligent supervision, failure to supervise, violationsof Puerto Rico and federal securities laws (Puerto Rico bonds, closed-end fundsand annuity). Includes request for punitive damages, rescission, interest, fees andcosts.

Product Type: Annuity-VariableDebt-MunicipalOther: Closed-end funds











Settlement Amount:





Yes





08/13/2018



Allegations:


Client alleges unsuitability, over-concentration, breach of contract, breach offiduciary duties, negligence, negligent supervision, failure to supervise, violationsof Puerto Rico and federal securities laws (Puerto Rico bonds, closed-end fundsand annuity). Includes request for punitive damages, rescission, interest, fees andcosts.






Yes

FINRA - San Juan, PR52�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.







Settlement Amount:








08/13/2018

Disclosure 6 of 6

i



Allegations:


Client alleges, among other things, unsuitability, overconcentration, breach offiduciary duty, negligence, negligent supervision, failure to supervise, fraud, breachof contract, and violations of securities laws and rules (Puerto Rico bonds andclosed-end funds). Includes request for rescission, punitive damages, interest,costs and fees.




Claim for $500,000 to $1,000,000.




Yes








Settlement Amount:


Firm Statement David Garcia is not a named respondent to this arbitration. The claims arebelieved to stem from the unprecedented turmoil experienced in the Puerto Ricoeconomy.



Yes





03/20/2018



Allegations:


Client alleges, among other things, unsuitability, overconcentration, breach offiduciary duty, negligence, negligent supervision, failure to supervise, fraud, breachof contract, and violations of securities laws and rules (Puerto Rico bonds andclosed-end funds). Includes request for rescission, punitive damages, interest,costs and fees.

Product Type: Other: Closed-End Funds



Claim for $500,000 to $1,000,000.



Is this an arbitration/CFTCreparation or civil litigation? 54�2020 FINRA. All rights reserved. Report about DAVID R. GARCIA.







Settlement Amount:





Yes





03/20/2018






End of Report

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Documents

DAVID R GARCIA - FINRA · Louisiana Agent APPROVED 04/15/2014 Maine Agent APPROVED 04/15/2014 Maryland Agent APPROVED 04/15/2014 Nebraska Agent APPROVED 04/15/2014 Nevada Agent APPROVED