Levin Law, P.A. Investigates Complaints Involving Merrill Lynch Advisor Alex Gierbolini

June 8, 2021 Author: Brian Levin
Stockbroker Cesar Hurtado

Financial Advisor Gierbolini Received Nearly Two Dozen Customer Complaints or Allegations

Merrill Lynch advisor Alex Jose Gierbolini (CRD#: 2894231) has received nearly two dozen customer complaints or allegations of wrongdoing over the course of his 23 years as a registered broker or investment advisor. Allegations range from reports of misrepresentation to unsuitable investment recommendations and breach of fiduciary duty.

If you believe that you have suffered losses as a result of Mr. Gierbolini’s negligence or intentional misconduct, please contact Levin Law, P.A. for a free case evaluation. Investors who suffered losses may be entitled to compensation through a FINRA arbitration. Contact Levin Law managing partner, Brian Levin at (855) 622-4580 or via email at brian@levinlawpa.com

Puerto Rico Closed-End Funds and Municipal Bonds

According to publicly available information through the Financial Industry Regulatory Authority (FINRA), many of the allegations against Mr. Gierbolini involved his recommendations to invest in and hold Puerto Rico Closed-End Funds and Puerto Rico municipal bonds. The majority of the claims have been settled for amounts ranging from $20,000 to in excess of $1 million.

Two customer disputes are still pending, both stemming from allegations made in September 2018. According to one customer dispute, Mr. Gierbolini recommended unsuitable investments and engaged in misrepresentation. The customer has requested damages in the amount of $265,000. 

The second pending dispute alleges that investments in “Puerto Rico closed-end funds were unsuitable, over concentrated, and misrepresented as safe investments.” Damages are requested in the amount of $280,000.

According to his profile, Mr. Gierbolini is currently employed by Merrill Lynch and is located out of Guaynabo, Puerto Rico.

Duty to Disclose Risks and Make Suitable Investments

Stockbrokers and financial advisors have a duty to disclose all relevant information as well as the risks associated with recommended investments. Several customer disputes against Mr. Gierbolini alleged that he failed to disclose the risks associated with the Puerto Rico Closed-End Funds he recommended. 

Duty to Supervise

Pursuant to FINRA Conduct Rule 3110, brokerage firms have a duty to supervise their agents and representatives. Failure to supervise a stockbroker, advisor, or other financial professionals who are acting as an agent of the firm can result in the brokerage firm being held liable and responsible for customers’ damages. 

If you believe that you suffered losses due to Merrill Lynch’s failure to adequately supervise their employee, contact our office immediately. 

Contact Levin Law for a Free Case Evaluation

If your stockbroker, financial advisor, or investment professional made unsuitable recommendations, misrepresentations, or over concentrated your portfolio, contact Levin Law, P.A. for a free consultation. 

Managing partner Brian Levin has helped recover millions on behalf of victims of stockbroker and securities fraud. Call (855) 622-4580 or email brian@levinlawpa.com to discuss your case. Most cases are accepted on a contingency-fee basis, meaning that you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.

About Levin Law

Levin Law is a premier national securities and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover approximately $100,000,000 through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.