Joe Gutierrez Involved in $1 Million Dispute

Joe Gutierrez (CRD# 5527598[1]), a broker registered with Merrill Lynch, failed to act in a customer’s best interest, according to a recent investor dispute. MDF Law is investigating the Stuart, Florida-based financial professional for similar conduct. If you suffered losses in your accounts, contact our law firm for a free, confidential consultation with an attorney. 

The following post contains more information about the dispute involving Mr. Gutierrez. The information herein is sourced from a November 5, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.

Pending Dispute Seeks 7-Figure Damages

On September 4, 2024, an investor filed a dispute alleging that Mr. Gutierrez “did not act in her best interest.” The dispute, which is still pending, seeks $1 million in alleged damages.

What Are Suitable Investments?

The allegations against Mr. Gutierrez relate to several vital securities industry standards. FINRA Rule 2111, for example, requires brokers to recommend investments that are suitable for a customer’s background and objectives. FINRA Rule 2020, meanwhile, firmly prohibits the use of “manipulative, deceptive, or other fraudulent device[s] or contrivance[s]” in the recommendation of securities transactions. In other words, it means that brokers may not give investors misleading information about the investments they recommend. Finally, the SEC’s Regulation Best Interest requires brokers to “exercise reasonable diligence, care, and skill, to understand the potential risks, rewards, and costs” of the products and/or strategies they recommend.

Fraud Allegations Against Joe Gutierrez

On August 22, federal prosecutors charged Mr. Gutierrez in the United States District Court for the Middle District of California, Tampa Division. More specifically, authorities charged him with receiving kickbacks in connection with a federal healthcare program. They also charged him with healthcare fraud, as well as attempting and conspiring to commit healthcare fraud and wire fraud. He pleaded not guilty to the charges, which are still pending.

FINRA: Broker Based in Tampa, Florida

Mr. Gutierrez launched his career as a broker in 2008. That year, he registered with Merrill Lynch’s branch office in Palm Beach Gardens, Florida. Over the following years, he went on to work at firms including Chase Investment Services and Wells Fargo Clearing Services. He joined his current member firm, Merrill Lynch, in 2017, and remains at its Tampa, Florida office today. With 16 years of experience as a broker, he has completed three industry exams, including the Series 66 and the Series 7. 

MDF Law Advocates for Investors

MDF Law has secured tens of millions in recoveries for the victims of broker fraud. If you have complaints about investments recommended by Joe Gutierrez, call us today to discuss whether you may be able to recover losses. Our broker fraud attorneys[2] offer free consultations to investors nationwide and take cases on a contingency bases: clients only pay a fee if they win. Call 800-767-8040 to speak with our team today.