South Carolina Attorney General announces $650k settlement with Lexington Securities Broker-Dealer
Attorney General Alan Wilson announced that they’ve reached a settlement with a securities broker-dealer and its agent in Lexington, SC this week.
According to the release, Centaurus financial, Inc., and its agent Rick Mantei, and his company, Mantei & Associates, LLC, will pay $650,000 in penalties. They have entered into a Consent Order with the Securities Division settling allegations that they violated state securities laws.
The respondents breached South Carolina laws in their sales of complex structured securities products, known as “steepeners,” and in their sales of certain unlisted bonds. They neither admitted or denied the Division’s findings, but agreed to cease and desist from violating securities laws along with a censure by the Division.
Mantei has agreed to no longer act as a supervisor or compliance officer at Centaurus. Additionally, Centaurus will implement new policies and procedures requiring additional review of transactions in accounts of senior investors.
“It is critical that broker-dealers and their agents follow our State’s securities laws because they hold our citizens’ hard-earned savings in their hands,” said Attorney General Wilson. “Our securities laws require that recommendations of broker-dealers and their agents be suitable for their customers, and that they have appropriate policies and procedures in place to maintain compliance with the law.”
South Carolina Securities Lawyers
Rikard & Protopapas represents investors in South Carolina and across the country in securities arbitrations and litigation. If you or someone you know suffered financial losses due to Rick Mantei and Centaurus’ actions, please contact our firm immediately.
We have decades of experience recovering millions of dollars for investors who lost money because of a firm’s negligence. If brokers break the law when handling investments for their clients, they must be held accountable. Call us today to see how we can help.