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Tom Puentes Under FINRA Investigation

Tom PuentesPublic records published by the Financial Industry Regulatory Authority (FINRA) on November 11, 2016 indicate that California-based Kestra Investment Services broker/adviser Tom Puentes has been suspended by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Puentes (CRD# 1713812).

Tom Puentes has spent 29 years in the securities industry and has been registered with Kestra Investment Services in Woodland Hills, California since 2014. Previous registrations include Morgan Stanley in Langley, Washington; Citigroup Global Markets in Langley, Washington; Lehman Brothers in New York, New York; and Smith Barney Harris Upham & Company in New York, New York. He is a registered broker and investment adviser with 23 US states and territories: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Idaho, Illinois, Kentucky, Michigan, Nevada, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Texas, Utah, Washington, and Wisconsin.

According to his BrokerCheck report, Tom Puentes has received fifteen customer complaints and one FINRA sanction.

In October 2016 FINRA sanctioned Tom Puentes following allegations he “exercised time and price discretion in customer accounts to purchase municipal bonds.” According to FINRA’s complaint: “[Mr.] Puentes’ member firm prohibited registered representatives from exercising discretion, including time and price discretion, in commission-based accounts unless prior written authorization had been obtained from both the customer and the firm. Contrary to firm policy, Respondent never obtained written authorization from any of the customers or the firm to exercise time and price discretion in these accounts. The findings also stated that Puentes failed to disclose his use of time and price discretion to the firm when responding to its annual compliance questionnaires for the years 2010 through 2013.” He was issued a 30-day suspension and a fine of $15,000.

In 2016 a customer alleged Tom Puentes, while employed at Morgan Stanley, executed unauthorized purchases of Puerto Rico bonds. The complaint settled for $19,200.

In 2016 a customer alleged Tom Puentes, while employed at Morgan Stanley, effected unauthorized transactions involving Puerto Rico bonds. The complaint settled for $20,000.

In 2016 a customer alleged Tom Puentes, while employed at Morgan Stanley, executed unauthorized purchases of Puerto Rico bonds. The complaint settled for $57,500.

In 2016 a customer alleged Tom Puentes, while employed at Morgan Stanley, effected unauthorized transactions involving Puerto Rico bonds. The complaint settled for $30,000.

If you have complaints regarding Tom Puentes, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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