Additional Florida Financial Advisor Accused Of Illegal Cherry-Picking Scheme
On November 15th, 2021, the Securities and Exchange Commission (SEC) issued a litigation update in its case against Lina Maria Garcia—a Florida investment adviser accused of illegally “cherry-picking” stock trades. The charges are related to similar charges filed against another financial advisor (Ramiro Jose Sugranes of Miami) earlier this year. Below, our Miami financial advisor fraud lawyers provide a more detailed review of the allegations against former Florida investment advisors Lina Maria Garcia and Ramiro Jose Sugranes.
Securities Fraud Charges: Lina Maria Garcia of UCB Financial Advisers
Lina Maria Garcia (CRD#: 4447599) is a previously registered securities broker and actively registered investment adviser (RIA). Ms. Garcia is associated with UCB Financial Advisers, based out of a branch office in Miami, Florida. According to a complaint filed by the SEC, financial advisor Lina Maria Garcia was allegedly involved in a complex “cherry-picking” fraud scheme that resulted in millions of dollars being transferred to the accounts of preferred clients.
The SEC filed its lawsuit in the United States District Court for the Southern District of Florida. During the time of the alleged misconduct, Ms. Garcia served as the chief compliance officer at UCB Financial Advisers. The federal agency alleges that Ms. Garcia worked with other previously charged defendants, including Ramiro Jose Sugranes, to make stock trades out of a single unassigned account. The most successful transactions were then “cherry-picked” for certain preferred accounts.
Allegations: Violations of Federal Securities Law
The SEC also contends that Ms. Garcia and Mr. Sugranes had a romantic personal relationship. Mr. Sugranes allegedly paid Ms. Garcia at least $200,000 in cash and provided her with business interests valued at $800,000. Authorities allege that Miami financial advisor Lina Maria Garcia violated several federal securities laws, including the Securities Act of 1933 and the Investment Advisers Act of 1940.
Miami Financial Advisor Ramiro Jose Sugranes is Still Facing Securities Fraud Charges
Ramiro Jose Sugranes of UCB Financial Advisors was charged with securities fraud by the SEC in June of 2021. Federal regulators believe that Mr. Sugranes was the primary perpetrator of the cherry-picking scheme. Notably, the SEC contends that Mr. Sugranes with the help of Ms. Garcia rerouted $5 million in successful trades to preferred accounts that he was connected with. A group of around 100 other investors were stuck with approximately $4.5 million in losses related to failed stock trades. The SEC is seeking complete restitution for investors and disgorgement of any ill-gotten gains.
Get Confidential Legal Guidance From a Miami-Dade County Securities Fraud Attorney
At Carlson & Associates, P.A., our Miami-Dade County FINRA arbitration lawyers provide diligent, results-focused legal counsel to investors. If you or your loved one suffered losses in a financial advisor’s illegal cherry-picking scheme, our legal team is here to help you secure compensation. Give us a call now for a completely confidential case review. We handle securities fraud cases throughout all of South Florida, including in Miami, Fort Lauderdale, West Palm Beach, and Jupiter.
Resources:
brokercheck.finra.org/individual/summary/4447599
sec.gov/litigation/litreleases/2021/lr25265.htm