Montes has been in the industry since 1977. Before joining Morgan Stanley, he worked for Wells Fargo Advisors (CRD#: 19616), Prudential Securities Incorporated (CRD#: 7471), Salomon Smith Barney (CRD#: 7059), Lehman Brothers (CRD#: 7506), E.F. Hutton & Company (CRD#: 235), Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691), and Oppenheimer & Co. (CRD#: 630).
Robert Montes Barred By FINRA
In July, 2019, Montes was permanently barred in all capacities by FINRA for refusing to provide documents and information related to an investigation into whether he “potentially misused an elderly customer’s assets.” He was working for Wells Fargo when the activity occurred that led to the regulatory action. Montes consented to the sanction without admitting or denying the findings.
In December, 2010, while working for Wells Fargo, a client alleged that Montes gave him “continuing assurances” that he could maintain his lifestyle for life and that his performance goals were being met, but that Montes made unsuitable recommendations and did not adequately consider his risk tolerance and investment objectives. The customer requested $855,000, and the case was settled for $57,500. Montes comments that he denies the allegations and that Wells Fargo settled “to avoid the expense and uncertainty of arbitration.”
In March, 1998 Smith Barney customers alleged Montes gave them “erroneous advice” regarding deductions on their tax returns, which led to interest and penalties. The clients requested $11,011 in damages. The dispute was denied.
In November, 1985, a client of Oppenheimer & Co. made a claim regarding losses in his account that requested $19,655 in damages. The claim was settled for $12,750.
Elder Financial Fraud
The disclosure on Montes’ disclosure that led to him being barred from associating with a FINRA-registered firm has to do with an investigation into him potentially misusing an elderly client’s assets.
Senior investors are often more vulnerable than other investors, and elder financial fraud is unfortunately a common type of fraud that is expected to increase as the American population ages. Common problems involving senior investors involve churning, unsuitable investments given their age and objectives, and overconcentration.
Elderly investors are also targeted for Ponzi schemes and affinity frauds.
Silver Law Group has represented elderly investors who have lost a significant amount of their life savings due to elder financial abuse. We have pursued FINRA arbitration claims and federal court claims for cases involving elder abuse. If you or someone you know has lost money due to elder financial fraud or abuse, we may be able to help recover the losses.
Do You Have Investment Loses With Robert Montes or Morgan Stanley?
If you or someone you know lost money investing with Robert Montes or Morgan Stanley, please contact the Silver Law Group toll free at (800)-975-4345 or e-mail firstname.lastname@example.org for a confidential consultation. Our attorneys have extensive experience representing investors with losses related to negligence and represent investors in Florida and nationwide.