Securities Lawyers Blog
According to BrokerCheck records financial advisor Paul Mante (Mante), employed by The GMS Group, LLC (The GMS Group), has been subject to eight customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA) Mante has been accused by a customers of unsuitable investment advice concerning recommendations to invest in Puerto Rico bonds. Puerto Rico has been devastated by a $70 billion debt it cannot pay in addition to extensive hurricane damage. However, according to news reports, the process to resolve Puerto Rico’s debts could take years.
In January 2018 a customer filed a complaint alleging that Mante violated the securities laws by, among other things, making misrepresentations of Puerto Rico bonds for the period of May 2014 through to December 2017. The complaint alleged $1 million in damages and was settled for $450,000.
In January 2018 a customer filed a complaint alleging that Mante violated the securities laws by, among other things, that the broker negligently recommended and misrepresented the safety of the Puerto Rico bonds from the time period of May 2013 through to September 2014. The complaint alleged $40,000 in damages and was settled for $13,500.