FINRA Files An Enforcement Action Against Former JP Turner And Current Centaurus Broker, Ricky “Rick” Mantei
Ricky Mantei a/k/a Rick Mantei (CRD # 1098981) was a former Financial Advisor at JP Turner & Co and is currently a Financial Advisor at Centaurus Financial, Inc. in Lexington, South Carolina. Ricky Mantei a/k/a Rick Mantei is also a branch manager at Centaurus Financial. Ricky Mantei a/k/a Rick Mantei has been in the securities industry since 1983 and previously worked at Gunallen Financial, Inc. and First Allied Securities.
The Wolper Law Firm has pending arbitration claims against JP Turner and Centaurus Financial, arising out of sales practices involving Ricky Mantei ak/a Rick Mantei and several Financial Advisors that are part of his team or at his branch office, including Cindy Chiellini a/k/a Cindy Lucille Porto Chiellini and Atul Makharia. The pending claims involve the sale of structured certificates of deposit (i.e., structured CDs), steepener notes, leveraged structured notes and non-traded real estate investment trusts (Non-Traded REITs).
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 1, 2019, FINRA Department of Enforcement filed an enforcement proceeding againsty Ricky Mantei a/k/a Rick Mantei, alleging that he “circumvented the supervisory system of J.P. Turner & Co. (JPT) on three occasions over the course of a five-month period” involving the sale of structured certificates of deposit to clients. FINRA further alleges that Ricky Mantei a/k/a Rick Mantei “violated FINRA Rule 2010 and willfully violated MSRB Rule G-17.”
FINRA further alleges that Ricky Mantei a/k/a Rick Mantei violated industry rules and firm policy when entering cross-trades of structured CDs between customers. This often times occurs when fair pricing cannot be achieved for customers on both sides of the transaction (i.e., the purchase and sale). “JPT’s special procedures for cross-trades required each branch effecting a cross-trade to identify the cross-trade using the order ticket. The branch was required to document the benefit of the transaction to each customer with the order ticket. Then, the trading dek was required to determine a fair value for the product…”
The regulatory proceeding remains pending.
For a copy of FINRA’s regulatory complaint, click https://www.finra.org/sites/default/files/fda_documents/2015045257501%20Ricky%20Alan%20Mantei%20CRD%201098981%20Complaint%20va.pdf
In addition, according to FINRA’s publicly available database, BrokerCheck, Ricky Mantei a/k/a Rick Mantei has twelve customer complaint disclosures, including seven pending complaints. Among the customer complaint disclosures include the following:
- June 2019—”During the period 2010 through 2019, the customer alleges that the Branch Manager failed to adequately supervise the Registered Representative(s) servicing their account(s).” Alleged damages are $100,000 and the matter remains pending.
- June 2019—”During the period of early 2015 through 2018, the customer alleges that the Branch Manager, failed to adequately supervise the Registered Representative(s) servicing their account(s).” Alleged damages are $100,000 and the matter remains pending.
- May 2019— “During the period of early 2015 through 2018, the customer alleges that the Branch Manager, failed to adequately supervise the Registered Representative(s) servicing their account(s).” Alleged damages are $100,000 and the matter remains pending.
- April 2019—”During the period of approximately 2012 through August 2017, the Customer alleges that the Registered Representative was negligent, engaged in potentially fraudulent activity with respect to the investments, and breached his fiduciary duty.” Alleged damages are $1 million and the matter remains pending.
- November 2018—”During the period 2008 through 2018, the Customer alleges that the Registered Representative misrepresented, recommended unsuitable investments, and breached his fiduciary duty.” Alleged damages are $100,000 and the matter remains pending.
- October 2018—”The customer allege that their investments were unsuitable based on their investment objectives.” Alleged damages are %233,238 and the matter remains pending.
- May 2018—”The Claimants, beneficiaries of a deceased client’s account, allege that the Registered Representative recommended the client unsuitable investments, which later resulted in partial loss of value upon liquidation attempt.” Alleged damages are $100,000 and the matter remains pending.
- December 2016—”Claimants state that they were sold unsuitable investments from 2010 through 2016.” The matter was settled for $70,000.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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