JEREMY MONTE Recommend Bad Investments?

Did Jeremy Monte Cause You Losses?

Former American Portfolios Financial Services securities broker Jeremy Monte (CRD#: 4601512, Fairport, New York) allegedly sold unsuitable investments to investors. Apparently, the Financial Industry Regulatory Authority (“FINRA”) reports through BrokerCheck that at least five clients of his filed disputes about his sales practices. Here’s more on the allegations against Monte:

Harbor Financial, American Portfolios Clients File Arbitration Suggesting Jeremy Monte Gave Bad Advice

Apparently, on September 24, 2018, clients of both American Portfolios Financial Services and Harbor Financial Group – another institution Monte maintained an association with – filed an Arbitration #: 01-18-003-5458. First of all, clients alleged that Jeremy Monte placed his interest ahead of theirs when it came to purchases of real estate securities and variable annuities. Supposedly, Monte advised the clients to buy those products so he could make more in commissions.
Not only that, but Monte potentially charged clients inappropriate advisory fees. Finally, the clients suggested that Jeremy Monte gave them bad investment recommendations. Supposedly, they purchased real estate securities and variable annuities products at Monte’s direction. As a result, the clients seek an undisclosed amount of compensation. Evidently, the claim is ongoing.

FINRA Arbitrator Orders American Portfolios To Pay Client Compensation For Sales Practice Violations

Evidently, a client of American Portfolios sued the securities firm in 2015 seemingly in regard to Jeremy Monte. The client’s causes of action included breach of fiduciary duty, breach of contract, and violation of FINRA rules. Eventually, in 2017, the Arbitrator ordered American Portfolios to pay the client $338,450 as compensatory damages and $106,612 in interest.

American Portfolios Client Brings FINRA Arbitration Indicating Monte Breached Fiduciary Duty

Apparently, on September 18, 2018, American Portfolio Services clients filed FINRA Arbitration #: 18-03093. Allegedly, Jeremy Monte breached a fiduciary duty to the clients via his unreasonable investment recommendations. Specifically, Monte unreasonably asked them to buy real estate investment trusts or other real estate securities. Also, the clients supposedly purchased variable annuities that were unnecessary or unsuitable. Allegedly, Monte placed his interest of generating commissions and fees ahead of his clients’ interests. For this reason, they demanded compensatory relief in this ongoing matter.

Securities Regulator Suspends, Fines Monte For Outside Business Activities

FINRA issued Jeremy Monte a 7-month suspension and $10,000 fine for engaging in outside business activities and private securities transactions in violation of NASD Rules 3040 and FINRA Rule 3270. Specifically, Monte established a private company known as Montbriar I, a holding company for other businesses in which Monte involved himself when working at American Portfolios. Apparently, Monte solicited and raised $600,000 from 18 investors in a private offering. Evidently, some of those 18 investors included American Portfolios clients.
FINRA says Monte submitted false annual compliance questionnaires about this private offering. Not only that, but he apparently took control over another company, Montbriar II, which he failed to disclose to American Portfolios.

Did you incur losses through investing with broker Jeremy Monte? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.