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Investigations

Ricky Alan Mantei – Unsuitable Investment Recommendation Allegations

broker ricky alan mantei invetsigationRicky Alan Mantei, also known as Ricky Alan Mantel, a registered investment adviser and broker, is the subject of multiple pending customer disputes filed against him on the allegation of the registered representative recommending unsuitable investment to investors according to an investigation by attorney Alan Rosca.

Securities attorney Alan Rosca of the Goldman Scarlato & Penny PC law firm is investigating conduct related to the multiple pending customer disputes against Ricky Mantei on the allegations of unsuitable investment recommendations.

Ricky Mantei was in the employment of Centaurus Financial Inc. when he allegedly carried out the various activities being disputed in the customer disputes. Centaurus Financial is a Financial Industry Regulatory Authority (FINRA) member firm, and Ricky Mantei is a member of the firm as at the time of this investigation.

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    Broker Ricky Mantei is the Subject of Multiple Pending Customer Disputes

    Securities attorney Alan Rosca’s investigation of public records reveals that Ricky Mantei is the subject of multiple customer disputes, a number which extends above 30 between December 2016 and November 2020.

    The earliest of the customer disputes was reportedly filed in November 2020, by a Mantei customer who alleged unsuitability and requested $125,000 in damages. This dispute was preceded by a class action filed in august 2020 in the State Court of South Carolina, County of Lexington. The group of customers alleged misrepresentation of unsuitable investments and breach of fiduciary duty, the dispute is pending as of the date of this article.

    As reported on his FINRA brokercheck page, another customer filed a complaint involving Ricky Mantei in May 2020 alleging that through the period of 2011 and March 2020, Ricky Mantei misrepresented unsuitable investments to them and breached his fiduciary duty towards them. As a result of this, the client is seeking to recover $100,000 in damages.

    In April 2020, another client brought an action seeking $100,000 in damages against the investment adviser on the similar allegation of misrepresenting unsuitable investments and breaching his fiduciary duty to them.

    In March 2020, another client alleged that the broker, Ricky Mantei, over concentrated their portfolio in unsuitable investments and breached his fiduciary duty to the investor between the period of 2008/2009 and 2017. The client is seeking to recover $100,000 in damages.

    Another client, seeking to recover $171,000 in damages, instituted a dispute action in February 2020. Similarly, also in February 2020, a customer asked for $100,000 on damages for unsuitable investments and breach of fiduciary duty allegations. 

    In January, the broker was also the subject of a customer dispute action on the same allegation. The client seeks to recover $410,000 in damages.

    Finally, two more disputes, both filed on 2019, alleged unsuitability. In one of them, the customer is seeking to recover $150,000, while in the other the damages are unspecified but assessed to potentially be larger than $5,000, FINRA reports.

    All the above-mentioned customer disputes are currently reported as pending on Ricky Mantei‘s Brokercheck report as of the date of this article.

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      Ricky Mantei Was The Subject of 25 Settled Customer Disputes

      According to Ricky Alan Mantei‘s brokerckeck report, he was subject of a customer dispute as early as August 1995. Since then, 24 additional customer disputes involving Mantei ended in settlement.

      In November 2020, a customer received $5,000 in settlement for a dispute alleging misrepresentation of unsuitable investments. In December 2020, another customer received $10,000 in settlement for a dispute alleging unsuitability and breach of fiduciary duty.

      In September 2020, a Ricky Mantei customer accepted $14,950 in settlement for similar allegations; in the same month, another customer ended a dispute for identical amount.

      In February 2021, another customer accepted $12,500 in settlement of a dispute alleging the same misconduct as the disputes above.

      In July 2020, a Ricky Alan Mantei customer dispute filed in December 2019 ended with a $22,000 settlement for concluding a FINRA case alleging unsuitable investments and failure to supervise. Another dispute filed in the same month ended in July 2020 for a $32,715 settlement.

      In January 2021, a dispute filed in December 2019 ended in a $4,5000 settlement, while another dispute filed in the same month settled for $12,500.

      In May 2020, a customer accepted $12,500 as settlement for a dispute alleging unsuitability and failure to supervise.

      In August 2020, a customer dispute was concluded for $22,5000, while in December 2020 a customer settled for $45,000. Both customer disputes were alleging unsuitability.

      Thirteen additional settled disputes remain disclosed on Ricky Alan Mantei‘s profile. As of the date of this article the total amount paid in settlements to Mantei’s customers exceeds $800,000.

      Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

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        Securities Lawyer Investigating Ricky Mantei

        The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to Ricky Alan Mantei’s multiple pending customer disputes on the allegation of unsuitable investment recommendation.

        The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

        Investors who believe they lost money as a result of conducts related to broker Ricky Alan Mantei’s multiple pending customer disputes on the allegation of unsuitable investment recommendation may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

        In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.

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