Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Garrick Montenegro (Montenegro) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Montenegro was employed by UBS Financial Services INC. at the time of the activity. If you have been a victim of Montenegro’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $2,500,000.00 on May 27, 2026.
Llegations as stated by Claimant: Claimants allege FA Montenegro\\u2019s partner engaged in a fraudulent selling away scheme and that FA Montenegro should have been aware of the scheme. Claimants further allege that their UBS advisory accounts were reverse-churned with the investments remaining unchanged for several years. One Claimant also alleges he was recommended an unsuitable and inappropriate securities backed loan. \, \, Time frame: 2010-2025\,
We have a strong track record of advocating for victims of fraud when advisors obtain loans from clients or engage in securities sales via OBAs. The sale of unapproved investment products, fake investments that cover misappropriated funds, and other fraudulent behavior – is a practice known in the industry as “selling away” – a serious violation of the securities laws. In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm. Some of these investments may appear legitimate, but they often lead to Ponzi schemes or advisors engaging in fund misappropriation.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To ensure proper supervision of brokers, firms must establish procedures for monitoring advisors’ actions and engagements with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Montenegro entered the securities industry in 1997. Montenegro has been registered as a Broker with UBS Financial Services INC. since 2011.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.