The law firm of Oakes & Fosher is currently investigating securities broker Ricky Mantei for possible negligence and/or misconduct. According to his publicly available FINRA BrokerCheck report, Ricky Mantei has been the subject of multiple customer complaints throughout his career.

Ricky Mantei is presently working as a South Carolina based securities broker. He has worked in the securities industry for thirty-six years. During his career, he has been registered with six different securities firms.

His Registrations

  • Merrill Lynch (1983-1995)
  • D.E. Frey & Company (1995-2000)
  • First Allied Securities (2000-2008)
  • Gunnallen Financial (2008-2010)
  • J.P. Turner & Company (2010-2015)
  • Centaurus Financial (2015-Present)

The Allegations

  • In May 1996, a customer alleged that Ricky Mantei executed unauthorized trades and recommended unsuitable investments. This case was settled for $80,000 in damages.
  • In December 2016, customers alleged that Ricky Mantei recommended unsuitable investments. The alleged transgressions taking place between 2010 and 2016. This case was settled for $70,000 in damages.
  • In May 2018, customers alleged that Ricky Mantei recommended unsuitable investments that resulted in losses. This case is currently pending. The customers are seeking $100,000 in damages.
  • In October 2018, a customer alleged Ricky Mantei recommended investments that were unsuitable given their previously stated investment objectives. This case is currently pending. The customer is seeking $233,238 in damages.
  • In November 2018, a customer alleged that Ricky Mantei misrepresented material details, recommended unsuitable securities, and breached his fiduciary duty. This case is currently pending. The customer is seeking $100,000 in damages.

What Does This Mean?

Securities brokers have both a fiduciary duty and a legal obligation to only recommend securities to customers for which they are suited. This suitability is determined by the customer’s investment objectives, risk tolerance, financial situation, and liquidity needs. Securities brokers, like Ricky Mantei, are expected to conduct the reasonable due diligence necessary to determine whether or not securities are suitable for particular customers. Investors who believe that they have experienced financial losses due to unsuitable investment recommendations made by their securities broker may be entitled to damages.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence or fraud. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion. If you, or someone you know, have lost money investing with Ricky Mantei, please contact Oakes & Fosher for a free and private consultation.