The Financial Industry Regulatory Authority (FINRA) Office of Hearing Officers (OHO) order broker Edward Allen Mantanona of Salado, Texas barred from the securities industry and ordered him to pay $60,000 in restitution, plus interest, to a customer.
FINRA alleged that he borrowed money from a customer and never repaid it. Rather than affirm or deny the charges, Mantanona declined to participate in the investigation process and failed, despite repeated written notices, to provide information in violation of two FINRA Rules. His willful non-participation resulted in the ffice of Hearing Officers' default decision.
FINRA Case #2009021067101
Registered with Edward D. Jones & Co. L.P. during the previous decade, Mantanona allegedly solicited a $60,000 loan from a customer in 2008, which he agreed to repay at an annual interest rate of nine percent. He signed a promissory note specifying this loan would be repaid no later than December 31, 2008.
According to the OHO, Mantanona never repaid the loan.
FINRA also found that in both 2007 and 2008, Mantanona falsely stated on Jones & Co.'s annual compliance questionnaires that he had not engaged in loans with any customers, despite his involvement with a prior loan in 2006, which was repaid, and the 2008 loan, which was not repaid.
In contemplating sanctions, the OHO stated that Mantanona's actions "were egregious and a bar is warranted … to protect the investing public."
If you loaned money to Edward Allen Mantanona or any stockbroker you may have a source of potential recovery from both the broker and the firm which employed the broker. Please call
The Law Offices of Jonathan W. Evans & Associates at
(800) 699-1881 for an investigation and consultation.