Paul Joseph Mauro, of Westborough, Massachusetts, a stockbroker formerly registered with Sagepoint Financial Inc., was the subject of a customer initiated investment related complaint that was settled on August 18, 2023, for $21,716.71 in damages. This settlement was based upon allegations that Mauro misrepresented material facts and sold unsuitable fixed and variable annuities during his association with Sagepoint Financial Inc.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Mauro is referenced in nine other customer initiated investment related disputes concerning his conduct while he was associated with securities broker dealers. On April 24, 2000, a customer initiated investment related complaint involving Mauro’s conduct was settled for $29,144.00 in damages. The allegations stated that during the time that he was associated with PML Securities, Mauro omitted surrender charges related to the sale of variable life insurance products.
On September 25, 2002, a different customer filed an investment related complaint involving Mauro’s conduct, requesting $105,000.00 in damages based upon alleged misrepresentations and omissions of material fact in connection with the sale of a fixed annuity when Mauro was associated with Legacy Financial Services. The complaint was later closed with no further action by the customer.
On July 9, 2014, another customer filed an investment related complaint against Mauro. The complaint centered on allegations that Mauro did not adequately disclose that several financial products sold to the customer were annuities. The customer also alleged that Mauro failed to explain surrender charges, fees, riders, and related costs. This incident reportedly occurred during the time that Mauro was associated with SII Investments Inc. The complaint was denied on August 15, 2014.
In another instance, dated June 26, 2017, Mauro faced a customer complaint while he was associated with SII Investments Inc. The customers sought $86,000.00 in damages, alleging that Mauro provided unsuitable investment recommendations. This complaint was also denied on July 11, 2017.
Mauro was also referenced in a customer initiated investment related complaint filed on December 26, 2018, in which the customer requested $6,630.00 in damages based upon allegations that Mauro made an unsuitable recommendation of a variable annuity in 2017. The customer also disputed fees charged in a managed account during the period that Mauro was associated with SII Investments Inc. The securities broker dealer denied the complaint.
Public Disclosure also shows that on February 26, 2018, Mauro was sanctioned by Massachusetts Securities Division because Mauro had reportedly been the subject of fourteen disclosure incidents between 1988 and 2018 while he was registered with securities broker-dealers. This included customer complaints alleging misrepresentation of tax consequences, omissions of surrender charges, and failure to deliver prospectuses. The Division received four direct complaints from Massachusetts customers against Mauro alleging violations of state securities laws. As a result, the Division imposed conditions on Mauro’s registrations as a stockbroker and an investment advisor representative of Sagepoint Financial in Massachusetts. These conditions included heightened supervision for a period of five years, involving thorough review and approval processes for new account forms, transaction reviews, and suitability approvals for any sale of securities to Massachusetts customers, along with an annual audit of Mauro’s customer accounts in Massachusetts to detect and prevent potential securities violations.
Mauro was associated with Sagepoint Financial in Westborough, Massachusetts, from November 28, 2017, to September 1, 2023. As of September 1, 2023, Mauro has been associated with Osaic Wealth Inc. in Westborough, Massachusetts.
