Ricky Alan Mantei of Lexington South Carolina a former stockbroker and investment adviser representative of JP Turner Company has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a FINRA Extended Hearing Panel Decision containing findings that Mantei engaged in a prearranged trading scheme. Department of Enforcement v. Ricky Alan Mantei Disciplinary Proceeding No. 2015045257501 (Feb. 18, 2021).
According to the Decision, customers’ structured certificates of deposit or municipal bond positions had been sold by Mantei in violation of the cross trade procedures that were set in place by JP Turner. The stockbroker apparently devised a scheme to sell customers’ investments to other customers. He relied on third parties to purchase investments based on an arrangement where Mantei would get his securities broker dealer to repurchase those investments for the benefit of other JP Turner customers. FINRA found that Mantei engaged in deceptive and unfair practices in violation of FINRA Rule 2010.
FINRA Public Disclosure confirms that Mantei has been referenced in 37 customer initiated investment related disputes regarding accusations of his violative conduct during the period that he was employed by Cetera Financial Group, Centaurus Financial and JP Turner Company. On March 13, 2020, a customer filed an investment related FINRA securities arbitration claim concerning Mantei’s activities in which they sought $100,000.00 in damages founded on allegations that between 2008 and 2017, their assets had been overconcentrated in real estate securities, corporate debt products and certificates of deposit. FINRA Arbitration No. 20-00815. According to the claim, the stockbroker breached a fiduciary duty.
Mantei is also referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $100,000.00 in damages based upon accusations of breach of fiduciary duty by the stockbroker as it pertained to corporate bonds, CDs and real estate securities held in the customer’s account between 2012 and 2020. FINRA Arbitration No. 20-01073 (Apr. 6, 2020). The claim alleges that misrepresentations had been made to the customer and that securities transactions were unsuitable.
On May 11, 2020, a customer filed an investment related FINRA securities arbitration claim concerning Mantei’s conduct in which the customer sought $100,000.00 in damages supported by accusations that between 2011 and 2020, unsuitable corporate debt and CD transactions were executed by the stockbroker. FINRA Arbitration No. 20-01404. The claim also alleges unsuitability and breach of fiduciary duty by the stockbroker. On November 17, 2020, another customer initiated investment related FINRA securities arbitration claim regarding Mantei’s conduct was settled to resolve allegations of misrepresentation as it related to the customer’s investments at Centaurus Financial.
Mantei is additionally the subject of a customer initiated investment related civil action where the customer requested compensatory damages founded on allegations of them being sold misrepresented investments by Mantei between 2013 and 2019. Civil Action No. 2019-CP-32-02636 (Aug. 10, 2020). According to the claim, there was a breach of fiduciary duty by Mantei while registered with JP Turner, Cetera Financial and Cetera Financial Group.
On February 4, 2021, an additional customer filed an investment related FINRA securities arbitration claim involving Mantei’s activities in which they sought $125,000.00 in damages based upon accusations that Mantei advised them to buy investments that were not suitable for them. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03893 (Feb. 4, 2021).
Since May 19, 2015, Mantei has been a stockbroker and investment adviser representative of Centaurus Financial.
