The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Kestra Investment Services broker Tom A. Puentes to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Puentes has been registered in the securities industry since 1987. Over the years, he has been registered with 5 brokerage firms: Smith Barney Harris Upham and Company Incorporated, Lehman Bros. Inc., Citigroup Global Markets Inc., Morgan Stanley and, most recently, Kestra Investments Services LLC. During that period, the FINRA BrokerCheck report indicates that Mr. Puentes has been the subject of 20 Customer Disputes, one of which was still pending as of August 17, 2016.
There are 14 customer disputes with allegations of unauthorized and unsuitable investment recommendations in Puerto Rico bonds that have supposedly settled for amounts ranging from $15,000 to $125,000. Five customer disputes were rejected by the brokerage firm and supposedly no further action was taken by the customer. There was one pending arbitration reportedly filed involving Mr. Puentes for alleging unauthorized and unsuitable investments in Puerto Rico bonds while he was employed at Morgan Stanley. We believe that Mr. Puentes' employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Puentes contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.