Paul Mauro Involved In SagePoint Financial Clients’ Unsuitability Disputes

Investors may have experienced damages due to securities broker Paul Joseph Mauro [CRD: 824304, Bolton, Massachusetts], according to disclosures on the Financial Industry Regulatory Authority (FINRA) BrokerCheck. Notably, Mauro previously worked for Mosaic Wealth Inc. in Bolton, MA, from September 1, 2023, to January 19, 2024, and for SagePoint Financial Inc. in Westborough, MA, from November 28, 2017, to September 1, 2023. To understand more about Mauro's disclosures, continue reading.

SagePoint Financial Inc. Investor Accused Mauro Of Misrepresentation

A client filed a complaint about Paul Mauro, alleging that variable and fixed index annuities purchased in 2022 were misrepresented and unsuitable. Because of this, the client allegedly sustained damages on variable annuities and fixed annuities. Therefore, on August 18, 2023, SagePoint Financial Inc. settled this matter by paying the client $21,716.71 in damages.

Paul Mauro Disclosed Client’s Complaint Alleging Unsuitability And Problematic Fees

A client of SII Investments Inc. contested Paul Mauro's sales practices, according to a complaint dated December 26, 2018. Allegedly, Mauro made unsuitable recommendations and disputed fees charged in a managed account. It appears that Mauro allegedly caused the client to sustain damages. Therefore, the client sought compensation from SII Investments Inc. or Mauro in the amount of $6,630 in this matter. The complaint was denied on February 22, 2019, with Mauro maintaining that the variable annuity was suitable for the client at the time of purchase.

Massachusetts Brought Regulatory Action Against Mauro For Investor Complaints

Evidently, on February 26, 2018, the Massachusetts Securities Division issued Case No. R-2017-0123. Notably, the Massachusetts Securities Division alleged that Mauro was the subject of 14 disclosure incidents while registered with several brokerage firms since May 1988. Mauro had been the subject of nine client complaints, alleging, among other things, misrepresenting tax consequences, making guarantees on variable products, failing to deliver a prospectus, failing to apprise investors about surrender charges, and delaying the delivery of an insurance policy. Six of these complaints were either denied or dismissed. The Division also received four direct complaints from Massachusetts clients against Mauro alleging violations of state laws. As a result of these incidents, the Division placed conditions on Mauro's employment in Massachusetts, including heightened supervision and mandatory reviews of client accounts.

SII Investments Inc. Client Complaint About Paul Mauro’s Allegedly Unsuitable Recommendations

Also, Paul Mauro faced allegations from a client of SII Investments Inc., claiming that Mauro provided incorrect recommendations concerning Medicaid planning. This complaint, received on June 26, 2017, was subsequently denied on July 11, 2017.

Investor Alleged Omissions On Annuities Transactions

Another complaint about Paul Mauro was filed by an SII client on July 9, 2014. The client alleged that Mauro sold them several annuities without disclosing them as such and failed to explain fees and surrender charges. The complaint was denied on August 15, 2014.

Losses From Paul Mauro?

If you have experienced damages due to Paul Mauro, consider reaching out to Soreide Law Group online or at (888) 760-6552 to discuss the potential recovery of your losses. Soreide Law Group has successfully recovered losses for investors across the United States, operates on a contingency fee basis, and advances all costs. Despite the allegations, Mauro and the brokerage firms he worked for deny accusations of sales practice violations.