Morgan Stanley’s Tom Puentes Allegedly Sold Unsuitable Bonds
Soreide Law Group is investigating potential investor claims of bad securities sales practices by broker Tom Abel Puentes [CRD#: 1713812, Langley, Washington]. Notably, FINRA BrokerCheck shows that 30 or more investors took issue with the securities broker, who associated with Morgan Stanley and Kestra Investment Services and who presently works for PeachCap Securities. Not only that, but FINRA and Washington Securities Division fined him. Overall, these disputes suggest that Puentes made unauthorized and unsuitable trades resulting in losses to his clients. Here’s more:
Tom Puentes Allegedly Makes Unauthorized Bond Purchases In Morgan Stanley Client’s Account
First of all, a client of Morgan Stanley contested Tom Puentes’ securities recommendations or sales according to FINRA Arbitration Claim #: 19-00368 filed February 4, 2019. Allegedly, Puentes recommended or sold municipal bonds that were not consistent with the client’s investment profile. Some of his trades appear to have been unauthorized. Moreover, Morgan Stanley purportedly failed to supervise Puentes. As a result, Morgan Stanley settled this matter on March 16, 2020 through making a $80,000 payment to the client.
Morgan Stanley Smith Barney Client Indicates That Puentes Made Unsuitable Trades
Secondly, on June 12, 2018, a Morgan Stanley Smith Barney client filed FINRA Arbitration Claim #: 18-02121 about Tom Puentes. Apparently, Puentes’ Puerto Rico municipal bond transactions were not appropriate for the client. It is possible that he failed to take into account the client’s risk tolerance, objectives or other suitability factors. Evidently, Morgan Stanley Smith Barney paid the client $175,000 to settle the matter.
Puentes Allegedly Misrepresents Puerto Rico Municipal Bonds To Client
Thirdly, a client of Morgan Stanley filed a complaint about Puentes on May 14, 2018. Namely, the client suggested that Puentes misrepresented Puerto Rico bonds. It appears that the client purchased these investments in 2017 as a result of misrepresentations and has since sustained losses. Ultimately, the client agreed to a payment of $29,013.75 from Morgan Stanley to settle the matter.
Washington Securities Division Fines Tom Puentes For Failing To Report Client Complaints
Apparently, on July 2, 2019, Washington Securities Division issued a Consent Order sanctioning Tom Puentes for infractions. Significantly, the Division stated that Puentes did not report client complaints as required by the securities firm’s policies and procedures. Allegedly, the securities broker concealed the client complaints at a time when he was under heightened supervision. Evidently, Puentes paid a $12,500 fine to resolve the matter.
FINRA Issues Suspension, Fine To Puentes For Discretionary Trading
Also, on October 13, 2016, FINRA issued an Acceptance, Waiver and Consent (AWC) sanctioning Tom Puentes for discretionary trading in violation of MSRB Rule G-17. Allegedly, Puentes violated Morgan Stanley’s rules by failing to have written authorization when exercising time and price discretion in client accounts. Reportedly, the broker executed 220 discretionary trades in 14 client accounts.
Did Tom Puentes Sell You Bad Investments?
Have you experienced losses by investing with Tom Puentes? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors.