Securities Lawyers Blog
According to BrokerCheck records financial advisor Ricky Mantei (Mantei), currently employed by Centaurus Financial, Inc. (Centaurus Financial) has been subject to eight customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Mantei’s customer complaints allege that Mantei made unsuitable recommendations in certain corporate debt or other securities.
Our firm has brought cases against brokers for misrepresenting the features of structured products or selling them as a bond alternative. Structured products are typically debt instruments where the payout is based on the underlying stock, equity index, currency, or any reference source. Many, but not all, structured products are advertised as having some principal protection component – meaning that the investor is guaranteed the return of some amount of their initial investment. However, studies have shown that structured products are often best used as a niche product for sophisticated investors employing complicated strategies. The typical investor cannot benefit from these products over traditional investments.
In November 2018 a customer alleged that the financial advisor recommended unsuitable investments and several other allegations. The complaint alleges $100,000 in damages and is currently pending.
In October 2018 a customer filed a complaint alleging that their investments were unsuitable based on their investment objectives. The claim alleges $233,238,000 in damages and is currently pending.
In May 2018 the beneficiaries of a deceased customer allege that the Mantei recommended the client make unsuitable investments. The claim alleges $100,000 in damages and is currently pending.