Written by The White Law Group• January 28, 2020• 3:00 pm• Blog, Current Investigations, Securities Fraud Articles

Tom A. Puentes Broker Investigation

Financial Advisor Tom A. Puentes, Kestra Investment Services in Woodland Hills, CA

Are you concerned about investments with Tom A. Puentes in Woodland Hills, CA? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to public records on FINRA’s website, on July 2, 2019, the Securities Division in Washington entered a Consent Order S-18-2554-19-CO01 with Puentes reportedly stating that while on an alleged heightened supervision plan, he purportedly failed to report two emails containing customer complaints to his firm in violation of the firm’s policies and procedures. In the Consent Order the parties reportedly agreed that Puentes would pay a fine of $12,500 and purportedly be subject to a heightened supervision plan for at least one year.

According to his FINRA BrokerCheck report, Puentes was reportedly affiliated with Kestra Investment Services in Woodland Hills, CA from 2014 through 2018 when he was reportedly permitted to resign after allegations. There are 30 customer complaints and 3 employment separations indicated on Puentes’ broker profile during his 31 year career in the securities industry. Allegations include “unsuitability with respect to Puerto Rico Municipal Bond,” and unauthorized trades, among others.

Puentes reportedly worked for Morgan Stanley from 2009 until 2014 when he was reportedly dismissed after “allegations relating to the registered representative’s use of discretionary trading without written authorization.”

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Puentes’ employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unauthorized trades or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including California. Our attorneys have recovered millions of dollars from many brokerage firms in the past.