NVESTOR ALERT!Customer Complaints About Ralph Quintana II, Centaurus Financial, Inc.
Ralph Quintana II (CRD#: 2284803, Upland, California) is currently a broker for Centaurus Financial, Inc. Apparently, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report for Quintana shows that at least five investors filed disputes about his conduct. Notably, Pruco Securities, LLC and Centaurus Financial, Inc. customers collectively alleged Quintana made unsuitable trades, misrepresented investments, and churned accounts. Take a look at these disclosures:
April 11, 2018 Arbitration Involving Quintana; Customer Alleges Unsuitability, Omissions
A customer of Centaurus Financial, Inc. brought FINRA Arbitration #18-01222 on April 11, 2018. Allegedly, Quintana sold the customer a variable annuity that the customer was not suitable for. Additionally, Quintana apparently omitted significant information about the fees, surrender penalties and the terms of the annuity product. All things considered, Centaurus Financial, Inc. agreed to settle the customer’s claims of omissions and unsuitability by providing the customer $57,500.00 in compensation. Accordingly, this matter settled on December 13, 2018.
November 18, 2015 Customer Complaint Concerning Quintana’s Alleged Unsuitable Sales
Centaurus Financial, Inc. customers filed a complaint about Quintana on November 18, 2015. Namely, customers accused Quintana of selling unsuitable investment and insurance products. Apparently, it was not reasonable or appropriate for Quintana to sell the customer variable annuity and mutual fund products because they did not reflect the customer’s investment objectives or risk tolerance. Because of this, the customer alleged $66,000.00 in damages. However, on November 17, 2017, this matter closed without resolution.
August 14, 2009 Civil Lawsuit Against Quintana For Alleged Misrepresentation
Evidently, on August 14, 2009, two customers of Pruco Securities, LLC filed a lawsuit (Case #: BC419011, Superior Court of California, Los Angeles County). Those customers specifically claimed that Quintana misrepresented life insurance policies. Allegedly, Quintana claimed that the customer’s existing life insurance policy values would enable the them to buy a large amount of additional insurance. Allegedly, Quintana told them that they would not have to make additional premium payments to generate the additional insurance coverage. Moreover, customers brought claims for churning, breach of fiduciary duty, fraud, and breach of contract. Eventually, Pruco Securities, LLC settled the customer’s claims for $230,203.21 in compensation. Apparently, Quintana personally contributed $100,000.00.
Pruco Securities Complaint Involving Allegations Of Misrepresentation
On December 29, 2008, another customer of Pruco Securities, LLC complained about Quintana’s sales practices. Specially, the customer alleged that Quintana sold an annuity contract to a customer after making misrepresentations about investment objectives. Because of this, the customer apparently suffered harm in purchasing the insurance product, and sought relief. However, Pruco Securities, LLC denied this customer’s complaint on January 23, 2009.
LPL Financial Terminates Quintana Over Bad Sales Practices
Previously, Quintana worked at LPL Financial. Apparently, on June 24, 2013, the brokerage firm permitted Quintana to resign over allegations of Quintana’s misconduct. Apparently, the firm notified Quintana that his termination was forthcoming due to Quintana engaging in bad sales practices regarding variable annuity products. While this may be true, Quintana denies LPL Financial’s allegations.
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