Former Worden Capital Broker Allan Montalbano Faces $543K Unsuitability Case For Broker Negligence

Ex-New York Financial Advisor Has 15 Customer Disputes on BrokerCheck  

If you suffered investment losses while working with ex-Worden Capital Management stockbroker Allan Perry Montalbano, contact our New York financial advisor misconduct attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at Montalbano, who is no longer a registered broker or investment advisor, has 16 disclosures on BrokerCheck. Out of these, 15 are customer disputes. 

Call our New York broker misconduct attorneys at  (716) 261-3529. Throughout the US call SSEK Law Firm at (800) 259-2010. 

Some of the Disclosures on Montalbano’s BrokerCheck Include:

  • June 2020: This customer, alleging unsuitable recommendations, overconcentration, and excess commissions, is requesting $543K in damages.
  • August 2018: This claim that accused Montalbano of breach of misrepresentation,  fiduciary duty, and negligence was settled for $180K.
  • September 2017: Alleging churning, breach of fiduciary duty, negligent supervision, and breach of contract, this investor agreed to a $15K settlement.
  • April 2017: This customer settled their negligence case, that also alleged impersonation, breach of fiduciary duty, and breach of contract, for $160K.
  • June 2016: This investor claim was settled for $165K.
  • March 2016: This breach of fiduciary duty case was resolved with a $210K settlement.
  • March 2016: This negligent misrepresentation case was settled for $75K. 
  • March 2016: Alleging negligent misrepresentation, breach of fiduciary duty, and negligence, this customer agreed to a $115K settlement.
  • March 2016: Another customer dispute involving Montalbano, the claim was settled for $210K. 
  • June 2015: This excessive trading case was settled for $65K.
  • September 2009: Alleging breach of fiduciary duty and negligence, this customer settled for $140K.  

Other firms where Allan Montalbano has been a registered broker during his 14 years in the industry: Worden Capital Management, Four Points Capital Partners, National Securities Corporation, Woodstock Financial Group, Chase Investment Services, NY Life Securities, Pointe Capital, and AXA Advisors. He was also a registered investment advisor with three firms; National Asset Management, Woodstock Financial Group, and Chase Investment Services.

Broker Negligence and Negligent Supervision 

Former New York stockbroker Allan Montalbano had customer disputes going as far back as over a decade ago. The broker-dealers and investment advisory firms that he was registered with should have taken this into account before deciding to hire him. At the very least, they should have placed him under close supervisory scrutiny given his record of disclosures, to make sure that their customers were protected. 

Call SSEK Law Firm at (800) 259-9010 today.

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