Ignacio Tejera: $500K Northstar Complaint Against Truist Advisor

Coral Gables, Florida financial advisor Ignacio Tejera (CRD# 4422696) recently received an investor complaint in connection with an investment in Northstar. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Truist Investment Services and Truist Advisory Services, respectively.

Mr. Tejera’s BrokerCheck report discloses three investor complaints. The most recent, filed in September 2024, alleges that as a representative of Truist Investment Services, he made “high risk and unsuitable” investment recommendations involving Northstar. The pending complaint alleges damages of $500,000.

A second investor complaint, filed in 2020, similarly alleged that he recommended an unsuitable Northstar investment. In 2022 the complaint reached a settlement of $300,000.

In a statement included with the complaint’s disclosure, Mr. Tejera defended himself against the allegations. “At the time of the recommendation, Northstar’s fixed rate investment contracts had been approved for sale on the SunTrust platform for many years and, based on the product’s features and track record, appeared by all accounts to align perfectly with the clients’ investment needs and objectives,” he wrote. “Subsequent events arising from the later sale of Northstar to a different entity adversely impacted the company’s ability to honor contract holder redemption requests. However, there is no way I could have known about or anticipated those events when I recommended the product to these clients.

According to the Financial Industry Regulatory Authority, Ignacio Tejera holds 22 years of securities industry experience. Based in Coral Gables, Florida, he has been registered as a broker with Truist Investment Services since 2002 and an investment advisor with Truist Advisory Services since 2016. He was previously registered with SunTrust Investment Services in Coral Gables from 2006 until 2016. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, Delaware, the District of Columbia, Florida, Georgia, Louisiana, Maryland, New Jersey, New York, Pennsylvania, Tennessee, Texas, and Wisconsin. (Information current as of October 6, 2024.)

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