Ralph Quintana II of Upland California a stockbroker currently registered with Centaurus Financial Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $143,775.00 in damages based upon allegations that the customer was (1) not provided adequate information regarding surrender penalties and fees relating to a variable annuity and (2) placed into investments that were not suitable for the customer. FINRA Arbitration No. 18-01222 (Apr. 11, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Quintana is referenced in four customer initiated investment related disputes pertaining to accusations of his violative conduct during the period that he was employed by Pruco Securities, LLC and Centaurus Financial, Inc. Specifically, a customer filed an investment related civil action involving Quintana’s activities in which customers alleged to have been fraudulently induced to enter into whole life insurance contracts.
On December 29, 2008, another customer filed an investment related complaint involving Quintana’s conduct in which the customer requested compensatory damages founded on allegations of misrepresentation relating to the objectives for investing in a variable annuity. Then, a customer initiated investment related civil action involving Quintana’s conduct was resolved for $230,203.21 in damages supported by accusations including fraud and breach of contract relating to insurance transactions. Civil Action No. BC419011 (Feb. 22, 2011). The customer also contented that Quintana misrepresented life insurance policies, leading them to believe that their insurance coverage could be expanded without additional premiums.
Thereafter, on November 18, 2015, a customer filed an investment related complaint concerning Quintana’s activities where the customer sought $66,000.00 in damages based upon allegations that the customers were placed in mutual fund and variable annuity products that were not appropriate for them.
FINRA Public Disclosure further reveals that Quintana was terminated from his previous employer, LPL Financial LLC, founded on accusations that he engaged in faulty sales practices pertaining to variable annuities.
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