Portsmouth Financial Services broker Raymond Lent (CRD# 817645) is accused of GWG Holdings Inc. L Bonds losses. He has been registered with Portsmouth Financial Services in San Rafael, California, since 2010.
In March 2019, the Securities and Exchange Commission (SEC) sanctioned him to pay $39,546.51 in disgorgement, a monetary penalty of $3,488.32, and brought public administrative and cease-and-desist against Raymond Lawrence Lent (dba The Putney Financial Group, Registered Investment Advisors). The complaint was related to “breaches of fiduciary duty and inadequate disclosures by registered investment adviser Raymond Lawrence Lent (dba The Putney Financial Group, Registered Investment Advisors) in connection with its mutual fund share class selection practices and the fees its affiliated broker and/or associated persons.” It is alleged that he recommended mutual funds shares that charged higher fees when “lower-cost share classes of the same funds for which the clients were eligible.”
Raymond Lent Customer Complaints
He has been the subject of six customer complaints between 2010 and 2023, according to his CRD report. The most recent complaints were regarding:
April 2023. “Statement of Claim names Portsmouth Financial as the Respondent. Raymond Lent is identified as a registered representative. Claims are negligence, breach of fiduciary duty and contract, and misrepresentation.” The customer is seeking $300,000 in damages, and the case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds.
March 2023. “Statement of Claim names Portsmouth Financial as the Respondent, Raymond Lent is identified as employee/agent. Claims are failure to conduct reasonable due diligence, lack of disclosure, and overconcentration.” The case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds.
February 2023. “Statement of Claim names Portsmouth Financial as the Respondent, Raymond Lent is identified as a registered representative/financial advisor. Claims are improper recommendation, failure to conduct reasonable due diligence.” The case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds.
February 2023. “Statement of Claim names Portsmouth Financial as the respondent, Raymond Lent is identified as employee/agent. Claims are misrepresentation, failure to conduct reasonable due diligence, and lack of disclosure.” The case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds.
February 2023. “Statement of Claim names Portsmouth Financial as the Respondent, Raymond Lent is identified as employee/agent. Claims are misrepresentation, failure to conduct reasonable due diligence.” The case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Portsmouth Financial Services may be liable for investment or other losses suffered by Raymond Lent’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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