Case Filed Against Tom Puentes of Morgan Stanley: Unauthorized Sale of Puerto Rico Bonds

Sonn Law Group has been retained by a customer of Tom Puentes who worked for Morgan Stanley as a financial advisor until he was fired in October 2014. The claim that was filed with FINRA alleges that Puentes purchased a very large amount of high risk and unsuitable Puerto Rico bonds issued by COFINA. The claim further alleges that Tom Puentes failed to obtain the customers’ required authorization before each trade and as such engaged in unauthorized trades which is a serious violation. Tom Puentes also failed to disclose to his customers the significant risks associated with Puerto Rico bonds and the risks of having a high percentage of the customers’ holdings in one jurisdiction.

According to the claim, Sonn Law Group clients were only interested in conservative investments and as such, the high risk Puerto Rico bonds were not suitable. Furthermore, Tom Puentes failed to disclose to his customers the extent or high percentage of Puerto Rico bonds that he purchased. After Tom Puentes was terminated, our clients learned that they were heavily invested in risky Puerto Rico bonds. Our clients sold the bonds and realized significant losses.

Our firm has learned that Tom Puentes was fired by Morgan Stanley for unauthorized trading. Specifically, Morgan Stanley reported on his record that Tom Puentes was fired for “ Concerns relating to the registered representative’s use of discretion without written authorization”.

Tom Puentes developed a sizeable clientele of dentists and chiropractors through his affiliation with Greg Stanley of Whitehall Management.

If you were a client of Morgan Stanley and Tom Puentes, please contact our firm for a free confidential consultation regarding your possible recovery for any losses you may have sustained. Sonn Law Group is recognized in the field of securities arbitration and is ready to assist aggrieved customers in obtaining a recovery for their losses through FINRA arbitration.