Paul Mante Allegedly Misrepresents Details Regarding Puerto Rico Bonds

The law firm of Oakes & Fosher is currently investigating the actions of securities broker Paul Mante. According to his FINRA BrokerCheck report, Paul Mante, has received multiple customer complaints over course of his career. The most recent allegations against him center around unsuitable recommendations to purchase Puerto Rico bonds.

Paul Mante is a Florida based securities broker. He has worked in the securities industry for fourteen years. He has spent his entire career registered with the GMS Group.

Allegations 

• In October 2008, a customer alleged negligence and misrepresentation.


• In August 2009, a customer alleged that Paul Mante made an unsuitable investment recommendation.


• In September 2011, a customer alleged that Mante purchased a corporate bond on their behalf without their authorization.


• In January 2018, a customer alleged that Paul Mante negligently recommended and misrepresented the safety of Puerto Rico bonds.


• Also in January 2018, customers alleged misrepresentation of purchased Puerto Rico bonds. This case was settled for $450,000 in damages.

Puerto Rico bonds are traded differently then are mainland bonds. Since Puerto Rico is not technically a state, the bonds are exempt from federal, state, and local taxes. Because of this, the bonds pay higher yield then mainland municipal bonds. Securities brokers use this fact as a selling point when trying to convince investors to purchase them. However, what securities broker may fail to disclose is that these bonds carry much more risk than do mainland municipal bonds. If your securities broker recommended you purchase Puerto Rico bond without disclosing the substantial risks associated with them, you may be entitled to damages.

Oakes & Fosher Can Help

Many investors are still unaware of the legal recourse available to them after losing money from stock broker misconduct or negligence. If you, or someone you know, have lost money investing with Paul Mante, please contact Oakes & Fosher for a free and private consultation.