Raul Benitez Faces $100K-$500K Complaint as Ex-Truist Advisor

Raul Benitez, a Fort Lauderdale financial advisor (CRD#4457185), has been the target of numerous investor complaints. These raised concerns about his advice on investment and its impact to clients. Records from the Financial Industry Regulatory Authority and Securities and Exchange Commission show that Benitez works as a financial advisor at Aragon Capital. He was a Wells Fargo broker.

Benitez’s BrokerCheck report shows several investor complaints. One of the latest was filed by an individual in November 2023. The complaint alleges Benitez recommended a Guaranteed Investment Contract that was not suitable while working as Truist Investment Services’ representative. The complaint filed seeks damages between $100,000 and $500,000.

Benitez was accused of making unsuitable recommendations before. In 2021, a complaint was made against him by an investor when he worked for SunTrust. Benitez was accused of recommending an unsuitable Northstar GIC investment. The matter was resolved in 2022 with $175,000.

A second investor complaint was filed in 2020 accusing Benitez of misrepresenting himself and recommending unsuitable investments strategies involving the use a portfolio securities as collateral. A settlement was reached in 2022 of $137,500.

Benitez received yet another complaint from an investor in 2019 alleging that the managed account he recommended was not suitable. This complaint was resolved for $8,486.24.

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According to FINRA, and the SEC Benitez has over 21 years’ experience in securities. Benitez is based in Fort Lauderdale and has worked as an investment adviser with Aragon Capital, since June 2023. He has been registered with Wells Fargo Clearing Services (now Wells Fargo Clearing Services), SunTrust Investments (now LPL Financial), JP Morgan Securities (now Chase Investment Services), Brokers International Financial Services (now Kovack Securities), Mutual Service Corporation, American Express Financial Advisors and IDS Life Insurance Company. Benitez passed three securities qualifying exams, including the Securities Industry Essentials Examination and the Uniform Combined State Law Examination. He will be licensed to practice in Florida on December 5, 2023.

Raul Benitez has been a Fort Lauderdale-based financial advisor for many years. He has received complaints from investors alleging that he has given bad advice to clients. These complaints, which were filed while he worked at different firms, show the importance of doing thorough research before entrusting your finances with any financial advisor. Investors who suffered losses as a result of Benitez’s advice can seek legal representation.

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