Ronald Benevento and American Portfolios Financial Services: Bringing Claims Against Them

Stoltmann Law Offices is investigating Ronald Benevento, a former American Portfolios Financial Services registered representative. The Financial Industry Regulatory Authority (FINRA) alleged that between September 2011 and April 2013, Benevento engaged in unsuitable mutual fund switching in three customer accounts. FINRA also alleged that he mismarked 15 order tickets as “unsolicited.” Benevento allegedly recommended 29 mutual fund switch transactions in three customer accounts without having reasonable grounds for believing that the transactions were suitable for the customers due to the frequency of the transactions and the fees incurred. Benevento recommended the customers sell Class A mutual fund shares within two to three months after purchasing them. Typically, Class A shares are meant to be held for a longer period of time than two to three months because of their high up-front fees.

Benevento was registered with The Equitable Life Assurance Society of the United States in New York, New York from February 1997 until January 2000, AXA Advisors in Melville, New York from February 1997 until February 2010 and American Portfolios Financial Services in Holbrook, New York from March 2010 until March 2015. He has two customer disputes against him. He is not currently licensed within the industry. Because American Portfolios allowed Benevento to make unsuitable mutual fund switches because they did not supervise him adequately, the firm may be responsible for your investment losses with Benevento. If you lost money with him, please call our securities law firm in Chicago at 312-332-4200 to speak with one of our attorneys. We can help you bring a claim against American Portfolios to help you recover your financial losses. The call is free. We are based in Chicago, Illinois.

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