The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by Ricky Alan Mantei (CRD#: 1098981, Lexington, South Carolina). Specifically, the financial advisor, who worked for firms JP Turner & Company, LLC (March 2010 to June 2015) and Centaurus Financial, Inc. (May 2015 to present), discloses a whopping 35 investor disputes. Notably, these investors suggest that Mantei breached a fiduciary duty and made misrepresentations among other things. Let’s take a look at the allegations against Mantei.
Centaurus Financial Client Indicates Ricky Mantei Sold Bad CDs, Bonds
Evidently, a client of JP Turner took aim at Ricky Mantei’s sales practices through FINRA Arbitration Claim #: 20-01404. It appears in this May 5, 2020 dispute that Mantei misrepresented unsuitable investments. Not only that, but it seems that Mantei breached his fiduciary responsibility to the client too. Supposedly, the securities broker caused the client to experience losses on CDs and corporate debt products held from 2011 through this year. For this reason, the client demanded $100,000 in compensation in this ongoing matter.
JP Turner Client Indicates That Mantei Misrepresented Investments
Apparently, a second JP Turner client contested Ricky Mantei on April 20, 2020 through FINRA Arbitration Claim #: 20-01267. Mainly, the client indicated that Mantei lied or was inaccurate regarding the client’s investments in a CD, corporate bond and a real estate security. It seems that the client’s purchase of these investments hinged on these misrepresentations. For losses sustained on these products, the client demanded $128,000 in compensation. Currently, this matter is unresolved.
Ricky Mantei Allegedly Breaches Fiduciary Duty In Selling Client Real Estate Security
Also, a client of Centaurus Financial took aim at Ricky Mantei via FINRA Arbitration Claim #: 20-01073 dated April 6, 2020. Supposedly, Mantei failed to comply with his fiduciary responsibility. Apparently, from 2012 to April of 2020, Mantei seemingly failed to place the client’s interests first with respect to CDs, real estate securities and corporate notes sales. It seems that those investments were not in line with the client’s goals or risk tolerance. In addition, the client indicated that Mantei or a securities broker under his supervision had misrepresented facts. Apparently, the client demanded payment of $100,000 to resolve the allegations of these sales practice violations.
Cetera Financial Group Client Indicates That Mantei Overconcentrated Portfolio
Evidently, a client of Cetera Financial Group brought FINRA Arbitration #: 20-00815 on March 13, 2020. Allegedly, Ricky Mantei overconcentrated the client’s account in improper investments from 2009 to 2017. It seems that given the client’s suitability profile, CDs, real estate securities and debt securities were not reasonable or appropriate investments. Also, like the other clients suggested, Mantei seemingly breached a fiduciary duty. For this reason, the client seeks $100,000 in compensatory relief to put this matter to rest.
FINRA Brings Enforcement Action Against Ricky Mantei
In addition to the client complaints, FINRA brought a regulatory enforcement action #: 2015045257501 against Ricky Mantei for violating FINRA and MSRB rules on cross-trades. It seems that Mantei did not identify certain trades between JP Turner clients as cross-trades on order tickets. Not only that, but he allegedly failed to justify the fairness of trades between JP Turner clients. It seems that Mantei was “willfully” uncooperative with JP Turner’s written supervisory procedures. The complaint is ongoing.
Losses By Investing In Securities Because Of Ricky Mantei?
Experienced losses by investing with Ricky Mantei aka Ricky Mantel? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 incurred losses due to misconduct of securities firms and brokers like Ricky Mantei.