Cindy Lucille Porto Chiellini, known also by the names of Cindy L Porto Chiellini, Cindy Porto Chiellini, and Cindy L Porto, a registered investment adviser and broker, is the subject of multiple customer dispute disclosures alleging unsuitable investment to investors according to an investigation by attorney, Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating conducts related to the multiple customer dispute disclosures involving Cindy Chiellini on the allegations of unsuitable investment recommendations.
Cindy Porto Chiellini was in the employment of Centaurus Financial Inc. when the various activities being disputed in the customer disputes occured.
Centaurus Financial is a Financial Industry Regulatory Authority (FINRA) member firm, and Cindy Chiellini is a member of the firm as at the time of this investigation.
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Broker Cindy Porto Chiellini Is the Subject of Multiple Customer Dispute Disclosures
The investigation of public records by investor rights attorney Alan Rosca reveals according to the reports on Cindy Porto Chiellini’s FINRA brokercheck page that the broker is the subject of multiple customer disputes extending close to 40.
The latest dispute as of the date of this article alleges unsuitable investmentswhile Chiellini was a broker with JP Turner aka Cetera Financial Group. The complaint was filed with FINRA in November 2020 and involves CD and Debt-Corporate investment products.
In May 2020, a customer filed a case with FINRA alleging misrepresentation of unsuitable investments. The employing firm is identified as being JP Turner, and the investment products are reportedly CD and Debt-Corporate investments. The customer is requesting $100,000 in alleged damages.
In April 2020, another Chiellini customer filed a dispute naming JP Turner as employing firm when allegations occurred. The customer is asking for $100,000 in alleged damages for alleged misrepresentations of unsuitable investments and breach of fiduciary duty.
Another client seeking the same amount in damages, also alleged in an action initiated in March 2020, that the broker over concentrated their investments between 2008 and 2017 in unsuitable investments and breached the fiduciary owed to the clients.
In February 2020, a customer filed a case with FINRA asking for $171,000 in alleged damages for similar allegations, FINRA reports. Two weeks before that, another customer filed a case with FINRA asking for $100,000 in alleged damages and alleging that Chiellini invested customer’s account in unsuitable investments and breached her fiduciary duty.
Making similar allegation, and asking for $170,000 in alleged damages, a Chiellini customer filed a case with FINRA in September 2019. The employing firm when the alleged misconduct occurred is identified as Centaurus Financial, and the investment product type is CD and Debt-Corporate, FINRA reports.
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Another Porto Chiellini customer filed a case with FINRA in January 2019. The customer is alleging negligence, potential fraudulent activity, and breach of fiduciary duty. The employing firms are identified as JP Turner and Centaurus Financial, and the alleged damages amount to $500,000.
Previously, in September 2018, a Chiellini customer alleged misrepresentation of unsuitable investments while Chiellini was registered with Centaurus Financial. The customer is asking for $150,000 in damages alleging that the investment product types involved were CD, Real Estate Security, and Debt-Corporate.
Cindy L. Porto Named Defendant in An Action Before the District Court of South Carolina
Cindy Lucille Porto, alongside her colleague, Ricky Mantei and their brokerage firm employer, Centaurus Financial are named as defendants against the plaintiffs in a class action instituted before the District Court of South Carolina.
According to the Complaint, the plaintiffs to the action alleged that Cindy L Porto aka Cindy Chiellini, alongside the other defendants allegedly advertised and sold illiquid debt instruments to unsophisticated investors over the age of 50. In addition to this, the defendants allegedly also falsely promised the investors a high interest and a guaranteed return of their principal investment in a short time.
Cindy L. Porto Chiellini, with the other defendants also allegedly publicly advertised high interest rate which was recalculated by the defendant and the investors were left with a near zero interest rate for the remaining period of the investment, as alleged by the plaintiffs.
During this process, the plaintiffs allege that these investments yielded high fees and commissions to the brokers. Through the class action, the plaintiffs seek to recover damages for themselves and other plaintiffs in the class action for their investments into securities that do not qualify as “covered securities” under the Securities Litigation Uniform Standard Act of 1998.
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Close to 30 Settled Customer Disputes Reported on Chiellini’s Brokercheck
According to Chiellini‘s Brokercheck report, a $22,500 settlement was reached in February 2021 in a dispute filed in May 2020. The customer alleged unsuitability and requested damages in the amount of $100,000.
A few days prior, another settlement in a dispute filed by a customer in February 2020. The customer alleged $100,000 in damages and accepted $10,000 in settlement.
Also in February 2021, a customer accepted $12,500 in a dispute alleging unsuitable investment and breach of fiduciary duty. The case was filed in January 2020, and asked for $143,000 in damages.
In 2020, two more customer disputes ended in settlement. One was filed in January 2020 and requested $50,000 in damages for allegations of misrepresentation of unsuitable investments. The second one was filed in December 2019 and asked for $58,258 for similar allegations. These disputes settled for $11,750 and $17,500 respectively.
Reportedly, the combined settlement amount paid to Chiellini’s customers to date exceeds $1,1 m, as shown on her Brokercheck report.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Securities Lawyer Investigating Potential Options for Cindy Chiellini Customers
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to Cindy L. Porto’s multiple customer dispute disclosures alleging unsuitable investment recommendation. The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients.
Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of conducts related to Cindy L Porto Chiellini’s multiple customer dispute disclosures may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
