ROBERT MONTES Barred By FINRA

The Financial Industry Regulatory Authority (“FINRA”) announced July 24, 2019 that it barred Morgan Stanley securities broker Robert Montes (CRD#: 835488, Palm Harbor, Florida). Evidently, Montes, who worked for Morgan Stanley from 2014 until 2019,  flat out refused to cooperate with FINRA who investigated him for his possible misuse of a vulnerable client’s funds. This bar, which precludes Montes from acting as a broker or associating with brokerage firms effective July 24, 2019, results from Montes entering into a Letter of Acceptance, Waiver and Consent (“AWC”) #: 2019061459801 on July 8, 2019. Here’s more on the AWC involving Montes:

 

Robert Montes Fails To Give FINRA Documents And Information When Under Investigation

 

Notably, under Rule 8210, FINRA can compel a securities broker to testify and provide documents and information. Evidently, Rule 8210 applied to Montes because he was a licensed securities broker registered with Morgan Stanley – a FINRA member brokerage firm. By violating Rule 8210, a broker also violates Rule 2010 – FINRA’s broad ethics rule.  Indeed, these FINRA Rules are often cited in cases where securities brokers seemingly fail to give FINRA information which might implicate them or suggest they broke FINRA Rules or even federal securities laws.

FINRA investigated Montes in 2019 when it received information suggesting Robert misused the Morgan Stanley or Wells Fargo client’s assets. As part of this investigation, FINRA asked for Montes’ information and documentation. Supposedly, Montes hired an attorney who told FINRA that Montes would not produce the documents or information. For refusing to submit anything to FINRA, Montes violated Rules 8210 and 2010. For this reason, FINRA issued the sanction of a permanent bar.

Clients Of Wells Fargo, Oppenheimer And Smith Barney Dispute Montes’ Sales Practices

 

Previously, Montes worked at Oppenheimer & Co., Inc., followed by Salomon Smith Barney and Wells Fargo Advisors, LLC. It appears that clients of those firms took issue with Robert Montes’ sales practices. The most recent dispute comes from a Wells Fargo client who contended that Montes made “unsuitable recommendations.” Not only that, but the client suggested Montes made misleading and promissory statements regarding the client’s performance goals. Wells Fargo agreed to settle this matter by paying the client $57,500.

Apparently that dispute came after an Oppenheimer client filed a lawsuit alleging Robert Montes made unauthorized trades. Eventually, Oppenheimer opted to settle the matter by paying the client $12,750. Evidently, the first dispute comes from the client of Smith Barney. Allegedly, Montes gave that client “erroneous” advice. By following Montes’ advice, the client supposedly incurred tax complications and had to pay penalties. However, it appears that Smith Barney denied this client’s complaint.

Did Robert Montes Sell You Bad Investments?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

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