American Portfolios Financial Services

The securities lawyers of Gana Weinstein LLP are investigating customer complaints against Jeremy Monte (Monte). According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) Monte has been the subject of at least 3 customer complaints and 3 judgment or liens. The customer complaints against Monte allege a number of securities law violations including that the broker made unsuitable investments among other claims.

The most recent customer complaint was filed in April 2015 and alleges unsuitable investments in non-traded real estate investment trusts (Non-Traded REITs) and variable annuities by charging advisory fees on these investments in addition to commissions. Another complaint filed in February 2013 alleges unsuitable recommendations from 2005 through 2009 leading to $61,000 in damages.

Monte also has three liens listed. In March 2013, a tax lien of $83,199 was filed. In May 2012, a tax lien of $13,999 was filed. Finally, in April 2010, a tax lien of $24,394 was filed against the broker. A broker with large liens are an important consideration for investors to weigh when dealing with a financial advisor. An advisor may be conflicted to offer high commission investments to customers in order to satisfy liens and debts that may not be in the client’s best interests.

The Financial Industry Regulatory Authority (FINRA) brought and enforcement action against broker Ronald Benevento (Benevento) (FINRA No. 20130353695) alleging that between September 2011 through April 2013 Benevento engaged in unsuitable mutual fund switching activity in three customer accounts in violation of the FINRA Rules. In addition, FINRA alleged that during this time Respondent mismarked 15 order tickets as “unsolicited” causing the books and records of his employer, American Portfolios Financial Services, Inc. (American Portfolios) to become inaccurate.

Benevento first became associated with a FINRA member in 1997. From 1997 until February 2010, Benevento was a registered representative of AXA Advisors, LLC. Thereafter, from March 2010, until March 2015, Benevento was associated with American Portfolios.

FINRA alleged that, Benevento recommended 29 mutual fund switch transactions in three customer accounts without having reasonable grounds for believing that the transactions were suitable for the those customers due to the frequency of the transactions and the costs incurred due to the switches. In these transactions, FINRA alleged that Benevento recommended that the customers sell Class A mutual fund shares within as little as two to three months after recommending the purchase of them. These purchases were made in different mutual fund families than the previous purchase.

Articles Tagged with American Portfolios Financial Services

Broker Investigation: Customer Complaints Against Jeremy Monte

FINRA Sanctions Ronald Benevento Over Unsuitable Mutual Fund Switching