An allegation has been made against Ricky Mantei, a Registered Representative of Centaurus Financial, Inc. which is being taken very seriously. The allegation involves a customer dispute that is currently pending as of October 2nd, 2023.
Understanding the Allegation and FINRA Rule
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The customers have alleged that Ricky Mantei, who was supervised by the named Branch Manager of Centaurus Financial, Inc., recommended unsuitable, high-risk, speculative illiquid investments and breached his fiduciary duty. The Statement of Claim does not identify specific dates for the alleged activity, but the claim amounts to $499,000.
This alleged behavior is in violation of the Financial Industry Regulatory Authority (FINRA) Rule 2111, which requires that a firm or associated person have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer. This is based on the information obtained through reasonable diligence to ascertain the customer’s investment profile.
Why This Matters to Investors
Investors trust financial advisors to guide them in making decisions that will secure their financial future. When that trust is breached, it can result in significant financial losses and emotional distress. This case is particularly concerning due to the high-risk nature of the investments recommended and the substantial amount of money involved.
Red Flags for Financial Advisor Malpractice
- Recommendation of unsuitable, high-risk investments
- Breach of fiduciary duty
- Lack of transparency in investment strategies
Haselkorn & Thibaut, a national investment fraud law firm, is currently investigating this case. They offer free consultations to clients and potential clients.
How FINRA Arbitration Can Help Investors Recover Losses
FINRA Arbitration is a quicker, less formal, and often less expensive way to resolve disputes between investors and brokers or brokerage firms. If you’ve suffered losses due to financial advisor malpractice, you can file a claim with FINRA. The arbitration process is conducted by a neutral third-party and the decision is final and binding.
Haselkorn & Thibaut has offices in Florida, New York, North Carolina, Arizona, and Texas. With over 50 years of experience, they have successfully recovered financial losses for investors and boast an impressive 98% success rate. They operate on a “No Recovery, No Fee” policy and offer a toll-free consultation number (1-800-856-3352).
Remember, not all investment losses are due to broker misconduct, but if you suspect malpractice, it’s important to take action. Haselkorn & Thibaut can help you navigate the complex process of FINRA Arbitration and work towards recovering your losses.
