Tom Abel Puentes of Woodland Hills California a stockbroker formerly associated with Kestra Investment Services has been terminated on May 7, 2018 based upon accusations that Puentes possibly failed to conform to Kestra Investment Services LLC policies by concealing that at least one customer complained about his activities.
This is not the first time that Puentes has been discharged by a brokerage firm for misconduct. In particular, Puentes was discharged by Morgan Stanley based upon allegations that he placed trades in a customer’s account without having authorization from the customer or the firm.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Puentes has been subject of thirty customer initiated investment related disputes containing allegations of his misconduct. Ten of those complaints were filed subsequent to Puentes being fined $15,000.00 and suspended by FINRA for effecting unauthorized trades in customer accounts and lying about his activities to Morgan Stanley; conduct violative of MSRB Rule G-17. Letter of Acceptance Waiver and Consent No. 2014042676301 (Oct. 3, 2016). Specifically, on January 30, 2017, a customer filed an investment related complaint pertaining to Puentes’ conduct in which the customer sought $31,000.00 in damages based upon allegations of bad bond investment transactions being effected the customer’s account.
Another customer filed an initiated investment related arbitration claim regarding Puentes’ conduct in which the customer requested $600,000.00 in damages based upon allegations that trades were effected in the customer’s account without the customer’s permission. FINRA Arbitration No. 18-00436 (Feb. 7, 2018). On May 14, 2018, a customer initiated investment related complaint involving Puentes’ activities was settled for $29,013.75 in damages supported by allegations that misrepresentations had been made to the customer concerning Puerto Rico municipal bond investments purchased by the customer in December of 2017.
Subsequently, a customer initiated investment related arbitration claim concerning Puentes’ conduct was resolved for $40,000.00 in damages supported by accusations that the customer was placed into municipal debt investments that were not suitable for the customer. FINRA Arbitration No. 17-01709 (June 21, 2018).
Puentes is also the subject of a customer initiated investment related arbitration claim in which the customer requested unspecified damages supported by allegations that the customer’s funds were allocated in inappropriate municipal debt investments, causing the customer to suffer unwarranted losses. FINRA Arbitration No. 19-00368 (Feb. 4, 2019). Moreover, on February 12, 2019, a customer filed an investment related arbitration claim concerning Puentes’ conduct where the customer requested $617,000.00 in damages based upon accusations that Puentes made unauthorized and unsuitable Puerto Rico bond purchases for the customer’s investment account; and Morgan Stanley failed to supervise Puentes’ activities relating to the customer’s investment transactions.
Puentes has been employed by PeachCap Securities Inc. since September 18, 2018.
