FINRA PERMANENTLY BANS FORMER MORGAN STANLEY, WELLS FARGO BROKER FOR FAILURE TO COOPERATE WITH ELDERLY FRAUD INVESTIGATION

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FINRA PERMANENTLY BANS FORMER MORGAN STANLEY, WELLS FARGO BROKER FOR FAILURE TO COOPERATE WITH ELDERLY FRAUD INVESTIGATION

The Financial Industry Regulatory Authority (“FINRA”) has imposed a permanent ban against former Morgan Stanley and Wells Fargo broker Robert Frederico Montes, who most recently worked in Morgan Stanley’s Palm Harbor, Florida branch office.

According to FINRA’s Acceptance, Waiver and Consent letter, FINRA received a tip in early 2019 that Montes may have misused the assets of an elderly customer. FINRA opened an inquiry on the allegations and sent Montes a request for documents and information due by July 1, 2019.

In a telephone call with FINRA staff on July 2, 2019, Montes acknowledged receipt of FINRA’s request for documents and information but affirmed that he would not cooperate with the investigation and would not provide the requested documentation or information.

Montes’s refusal to cooperate with FINRA’s investigation is a violation of FINRA’s rules and subjects him to FINRA sanctions. FINRA has entered a permanent ban which prohibits Montes from associating with any FINRA member firm in any capacity.

According to Montes’s FINRA BrokerCheck report, he has been the subject of three previous customer allegations, dating back to 1985. Those complaints involved allegations account losses, erroneous advice, and unsuitable recommendations contrary to the client’s investment objectives and risk tolerance.

If you or someone you know lost money as a client of Robert Montes, Wells Fargo, or Morgan Stanley due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

By |July 30th, 2019|Legal Matters|

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