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

$3,067,219.83

$250,000.00

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

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

$625,000.00

$100,000.00

David Garcia is not a named respondent to this arbitration. The claims are believed to stem from the unprecedented turmoil experienced in the Puerto Rico economy. As of 11/18/20, the Firm has settled this case for $100,000. The representative was not asked to contribute to the settlement

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

$100,000.00

$15,000.00

David Garcia is not a named respondent to this arbitration. The claims are believed to stem from the unprecedented turmoil experienced in the Puerto Rico economy. As of 12/8/20, the Firm has settled this case for $15,000. The representative was not asked to contribute to the settlement.

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

$60,000.00

$25,000.00

David Garcia is not a named respondent to this arbitration. The claims are believed to stem from the unprecedented turmoil experienced in the Puerto Rico economy. As of 01/21/21, the Firm has settled this case for $25,000. The representative was not asked to contribute to the settlement.

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

$30,000.00

Time frame: unspecified Allegations: Claimant alleges his investments in Puerto Rico closed-end funds were unsuitable, over concentrated, and misrepresented as safe investments.

$105,000.00

I have not provided any advice or exchanged communications with the client since on or before I departed UBS FINANCIAL SERVICES INCORPORATED OF PUERTO RICO on September 20, 2006.

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

$1,100,000.00

David Garcia is not a named respondent to this arbitration. The claims are believed to 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 was not asked to contribute to the settlement.

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

$250,000.00

$65,000.00

David Garcia is not a named respondent to this arbitration. The claims are believed to 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 not asked to contribute to the settlement.

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

$99,000.00

$10,000.00

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

Client alleges negligence, negligence in violation of industry standards, breach of suitability 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.

$75,000.00

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

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

$87,500.00

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

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

$210,000.00

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

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

$80,000.00

$20,000.00

David Garcia is not a named respondent to this arbitration. The claims are believed to 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 not asked to contribute to this settlement.

Client alleges, among other things, unsuitability, overconcentration, violations of the 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).

$2,212,354.00

$325,000.00

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

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

$699,000.00

$350,000.00

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

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

$4,700,000.00

$1,950,000.00

David Garcia was not a respondent in this claim, neither contributed any monetary compensation.

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

$3,000,000.00

$575,000.00

DAVID GARCIA IS NOT A NAMED RESPONDENT TO THIS ARBITRATION. As of 3/8/2017, the firm has settled this case for $575,000. The representative was not asked to contribute to the settlement.

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

$98,427.65

$92,000.00

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

$1,000,000.00

$250,000.00

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

TIME FRAME:2006-PRESENT CLAIMANTS ALLEGE THEIR INVESTMENTS IN PUERTO RICAN CLOSED-END BOND FUNDS WERE UNSUITABLE, OVER CONCENTRATED AND MISREPRESENTED AS SAFE INVESTMENTS.CLIENT ALLEGES NEGLIGENT MISREPRESENTATION AND OMISSION, BREACH OF FIDUCIARY DUTY, AND NEGLIGENT SUPERVISION

$1,000,000.00

$50,000.00

DAVID GARCIA IS NOT A NAMED RESPONDENT TO THIS ARBITRATION FROM SANTANDER SECURITIES, LLC. As of 3/21/2017, the firm has settled this case for $50,000. The representative was not asked to contribute to the settlement.

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

$500,000.00

$200,000.00

Santander's comments: DAVID GARCIA IS NOT A NAMED RESPONDENT TO THIS 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.

CLAIMANTS ALLEGE UNSUITABLE RECOMMENDATIONS AND MISREPRESENTATIONS IN CONNECTION WITH THEIR PURCHASE OF CLOSED-END PUERTO RICO MUNICIPAL BOND FUNDS. TIME FRAME: 2004 - PRESENT.

$1,000,000.00

$70,000.00

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

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