Advisor Alert: Our Attorneys Are Investigating Ricky Alan Mantei For Investment Fraud

Chetan Patil on October 25, 2023

Did You Lose Money Because of Ricky Mantei of Centaurus Financial, Inc.?

Filed: October 25, 2023

Ricky Mantei currently has three (3) pending customer complaints. Overall, he has been the subject of four (4) regulatory events and forty-one (41) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Ricky Mantei of Centaurus Financial, Inc.

Who Is Ricky Mantei of Centaurus Financial, Inc.?

  • Advisor Name: Ricky A. Mantei
  • Aliases: Ricky Alan Mantei
  • CRD: 1098981
  • Location: Lexington, South Carolina
  • Current Employer: Centaurus Financial, Inc.
  • Previous Firms: J.P. Turner and Company, Cetera Financial Group
  • Number of Known Customer Complaints: 41
  • Number of Known Regulatory Events: 4
  • Can Ricky Mantei Be Sued: Yes, in Private Arbitration
  • Can Ricky Mantei’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $1,000,000
  • Highest Settlement: $180,000

If you have suffered investment losses by Ricky Mantei, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Ricky Mantei For Broker Misconduct

As of this publication date, Ricky Mantei has been targeted in 4 regulatory events and 41 customer disputes. Let’s review them below.

In October 2023, a FINRA arbitration was filed against or in reference to Ricky Mantei by customers of Centaurus Financial, Inc. alleging that Mr. Mantei supervised a financial advisor who sold them unsuitable, high-risk, speculative illiquid investments. Further, the customers allege that Mr. Mantei and the supervised financial advisor breached their fiduciary duties. Per the customers, they lost $499,000 due to Mr. Mantei’s actions. As of this publication date, this arbitration claim remains pending.

In June 2023, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei recommended risky, complex, long-term, and illiquid investments. Per the customer, he/she lost over $200,000 due to Mr. Mantei’s actions. As of this publication date, this arbitration claim remains pending.

In February 2023, the Securities Commissioner of South Carolina initiated a regulatory action against or in reference to Mr. Mantei for recommending Variable Interest Rate Structured Products (“VRSPs”) and Corporate Bonds to retail customers for which an appropriate overall evaluation of the financial profile was not conducted. Mr. Mantei, in his capacity as Branch Manager, allegedly failed to reasonably supervise and document his review of recommendations, purchases and sales of VRSPs made by CFI RRs to certain retail customers. Additionally, Mr. Mantei, in his capacity as Branch Manager, allegedly failed to reasonably follow his broker/dealers then existing customer-specific suitability review procedures.

In February 2023, the United States Securities and Exchange Commission initiated a regulatory action against or in reference to Mr. Mantei for violating Sections 17(a)(2) and 17(a)(3) of the Securities Act by recommending VRSPs to retail customers for whom such investments were unsuitable in light of each of the specific customers’ financial situations and needs (the “Specified Customers”). Mantei also failed reasonably to supervise the CFI RRs with a view to preventing and detecting their violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act arising from the unsuitable recommendations of VRSPs to the Specified Customers. Mr. Mantei also failed reasonably to follow CFI’s then existing customer-specific suitability review procedures.

In October 2021, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that, between 2013 and 2019, multiple customers were damaged by Mr. Mantei’s misrepresentation of unsuitable investments. Per the customers, they lost over $100,000 due to Mr. Mantei’s actions. On April 25, 2022, Mr. Mantei appears to have settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In September 2021, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei recommended unsuitable, complex, and high-risk investments to them. Per the customers, they lost over $300,000 due to Mr. Mantei’s actions. On January 18, 2022, Mr. Mantei appears to have settled the claim for $70,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In February 2021, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei recommended unsuitable investments to the clients. Per the customers, they lost over $125,000 due to Mr. Mantei’s actions. On December 14, 2021, Mr. Mantei settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In August 2020, a complaint was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and breached his fiduciary duty in 2013 through July 2019. As of this publication date, this arbitration claim remains pending.

In May 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments to the client and breached his fiduciary duty. Per the customer, he/she lost over $100,000 due to Mr. Mantei’s actions. On February 26, 2021, Mr. Mantei settled the claim for $22,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In April 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments to the client. Per the customer, he/she lost over $128,000 due to Mr. Mantei’s actions. On November 17, 2020, Mr. Mantei settled the claim for $5,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In April 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments to the client and breached his fiduciary duty from 2012 to April 2020. Per the customer, he/she lost over $100,000 due to Mr. Mantei’s actions. On July 21, 2021, Mr. Mantei settled the claim for $11,250, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In March 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei over concentrated their portfolio in unsuitable investments and breached fiduciary duty. Per the customers, they lost over $100,000 due to Mr. Mantei’s actions. On April 14, 2021, Mr. Mantei settled the claim for $5,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In February 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and breached his fiduciary duty in 2011 through January 2018. Per the customer, he/she lost over $171,000 due to Mr. Mantei’s actions. On June 2, 2021, Mr. Mantei settled the claim for $42,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In February 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei invested the clients’ accounts in unsuitable investments in 2011 through February 2020 and breached his fiduciary duty. Per the customers, they lost over $100,000 due to Mr. Mantei’s actions. On April 28, 2021, Mr. Mantei settled the claim for $33,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In February 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei invested the client’s account(s) in unsuitable investments and breached his fiduciary duty. Per the customer, he lost over $100,000 due to Mr. Mantei’s actions. On December 15, 2020, Mr. Mantei settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In January 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei recommended unsuitable investments and breached his fiduciary duty. Per the customers, they lost over $410,000 due to Mr. Mantei’s actions. On June 29, 2021, Mr. Mantei settled the claim for $50,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In January 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and breached his fiduciary duty in about 2014. Per the customers, they lost over $230,000 due to Mr. Mantei’s actions. On September 15, 2020, Mr. Mantei settled the claim for $14,950, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In January 2020, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and breached his fiduciary duty. Per the customer, he/she lost over $143,000 due to Mr. Mantei’s actions. On February 12, 2021, Mr. Mantei settled the claim for $12,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In December 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s). Per the customers, they lost over $125,000 due to Mr. Mantei’s actions. On July 28, 2020, Mr. Mantei settled the claim for $22,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In December 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s). Per the customer, he/she lost over $51,000 due to Mr. Mantei’s actions. On January 14, 2021, Mr. Mantei settled the claim for $4,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In December 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s). Per the customers, they lost over $50,000 due to Mr. Mantei’s actions. On January 11, 2021, Mr. Mantei settled the claim for $12,250, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In December 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s). Per the customers, they lost over $245,000 due to Mr. Mantei’s actions. On July 21, 2020, Mr. Mantei settled the claim for $32,715, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In December 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of J.P. Turner and Company (aka Cetera Financial Group) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the Registered Representative(s) servicing their account(s).

In November 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s). Per the customers, they lost over $109,000 due to Mr. Mantei’s actions. On September 15, 2020, Mr. Mantei settled the claim for $14,950, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In November 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s) in 2011 through 2016. Per the customer, he/she lost over $50,000 due to Mr. Mantei’s actions. On May 18, 2020, Mr. Mantei settled the claim for $12,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In November 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei misrepresented unsuitable investments and failed to adequately supervise the registered representative(s) servicing their account(s). Per the customers, they lost over $140,000 due to Mr. Mantei’s actions. On August 17, 2020, Mr. Mantei settled the claim for $22,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In November 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of Centaurus Financial, Inc. alleging that Mr. Mantei recommended unsuitable investments and breached his fiduciary duty from August 2015 through 2018. Per the customers, they lost over $150,000 due to Mr. Mantei’s actions. On July 6, 2021, Mr. Mantei settled the claim for $24,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In October 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of Centaurus Financial, Inc. alleging that Mr. Mantei misrepresented unsuitable investments and the commissions associated therewith. Per the customer, he/she lost over $110,000 due to Mr. Mantei’s actions. On December 15, 2020, Mr. Mantei settled the claim for $45,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei failed to adequately supervise the registered representative servicing their account(s). Per the customers, they lost over $100,000 due to Mr. Mantei’s actions. On February 17, 2021, Mr. Mantei settled the claim for $35,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In September 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of J.P. Turner and Company (aka Cetera Financial Group and Centaurus Financial, Inc.) alleging that Mr. Mantei failed to adequately supervise the registered representative servicing their account(s). Per the customers, they lost over $100,000 due to Mr. Mantei’s actions. On February 8, 2021, Mr. Mantei settled the claim for $55,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In August 2019, FINRA initiated a regulatory action against Mr. Mantei for allegedly willfully violating MSRB Rule G-17 by circumventing the supervisory system of his member firm while he was seeking to effect a trade between firm customers.

In August 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Company (aka Cetera Financial Group) alleging that Mr. Mantei failed to adequately supervise the registered representative servicing their account(s). Per the customer, he/she lost over $200,000 due to Mr. Mantei’s actions. On August 26, 2020, Mr. Mantei settled the claim.

In June 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mantei failed to adequately supervise the registered representative(s) servicing their account(s) during early 2015 through 2018. Per the customer, he/she lost over $100,000 due to Mr. Mantei’s actions. On June 3, 2020, Mr. Mantei settled the claim for $14,750, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In June 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mantei failed to adequately supervise the registered representative(s) servicing their account(s) in 2010 through 2019. Per the customer, he/she lost over $100,000 due to Mr. Mantei’s actions. On September 21, 2020, Mr. Mantei settled the claim for $82,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In May 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mantei failed to adequately supervise the registered representative(s) servicing their account(s) in 2010 through 2019. Per the customer, he/she lost over $100,000 due to Mr. Mantei’s actions. On September 1, 2020, Mr. Mantei settled the claim for $180,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In April 2019, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mantei was negligent and engaged in potentially fraudulent activity with respect to the investments in 2012 through August 2017. The client added that Mr. Mantei breached his fiduciary duty. Per the customer, he/she lost over $1,000,000 due to Mr. Mantei’s actions. On February 8, 2021, Mr. Mantei settled the claim for $77,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In November 2018, a FINRA arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that Mr. Mantei misrepresented and recommended unsuitable investments and breached his fiduciary duty. Per the customer, he/she lost over $100,000 due to Mr. Mantei’s actions. On November 19, 2019, Mr. Mantei settled the claim for $55,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In October 2018, a complaint arbitration was filed against or in reference to Ricky Mantei, by a customer of J.P. Turner and Centaurus Financial, Inc. alleging that the client’s investments were unsuitable based on their investment objectives. Per the customer, he/she lost over $233,238 due to Mr. Mantei’s actions.

In May 2018, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of Summit Brokerage Services, Inc. alleging that Mr. Mantei recommended unsuitable investments which resulted in partial loss of value upon liquidation attempt. Per the customers, they lost over $100,000 due to Mr. Mantei’s actions. On April 1, 2020, Mr. Mantei settled the claim for $14,500, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In December 2016, a FINRA arbitration was filed against or in reference to Ricky Mantei, by multiple customers of J.P. Turner alleging that Mr. Mantei sold unsuitable investments from 2010 through 2016. Per the customers, they lost over $164,000 due to Mr. Mantei’s actions. On October 16, 2018, Mr. Mantei settled the claim for $70,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In March 2011, South Carolina Department of Insurance initiated a regulatory action against Mr. Mantei for failing to timely disclose a misdemeanor plea deal associated with a failure to Pay, File or Maintain payment of property tax.

In September 2004, a complaint arbitration was filed against or in reference to Ricky Mantei, by a customer of First Allied Securities Inc. alleging that Mr. Mantei provided misleading information regarding a $17,000 bonus in a GE Life and Annuity Company. Per the customer, he/she lost over $17,000 due to Mr. Mantei’s actions.

In May 1996, a complaint was filed against or in reference to Ricky Mantei, by a customer of Merrill Lynch, Pierce, Fenner, & Smith Incorporated alleging that Mr. Mantei engaged in unauthorized trading and that the unsuitability damages were unspecified. Mr. Mantei settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

In May 1996, a complaint was filed against or in reference to Ricky Mantei, by a customer of Merrill Lynch & Co. alleging that Mr. Mantei made improper investment recommendations and engaged an improper use of margin. Mr. Mantei settled the claim for $15,802.35, and some or all of this amount may have been paid by Mr. Mantei’s employer and/or insurance carrier.

How To File A Claim Against Ricky Mantei of Centaurus Financial, Inc. (previously with Cetera Financial Group and J.P. Turner and Company) To Get Your Money Back.

If you have questions about Ricky Mantei, Centaurus Financial, Inc., Cetera Financial Group, J.P. Turner and Company, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.