Securities Lawyers Blog
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Raymond DeRobbio (DeRobbio) has been the subject of seven customer complaints and one regulatory action. The customer complaints against DeRobbio allege that the broker made unsuitable investments concerning certain bonds that defaulted. The regulatory complaint against DeRobbio was initiated by the state of Indiana in which DeRobbio withdrew as an agent.
DeRobbio entered the securities industry in 1983 and since that time DeRobbio has been associated with over a dozen firms. Starting in June 2006 through July 2012, DeRobbio was associated with J.P. Turner & Company, L.L.C. From July 2012, until June 2013, DeRobbio was registered with Northeastern Financial Group, Incorporated. Finally, since June 2013, DeRobbio has been registered with Cantone Research Inc. out of a branch located in Tinton Falls, New Jersey.
All brokers and financial advisers have an obligation to their customers to deal with them in a fair manner. That obligation includes making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its costs, benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.
The number of complaints and regulatory actions against DeRobbio is relatively large by industry standards. According to InvestmentNews, only about 12% of financial advisors have any type of disclosure event on their records. Brokers must publicly disclose certain types of reportable events on their CRD including but not limited to customer complaints. In addition to disclosing client disputes brokers must divulge IRS tax liens, judgments, and criminal matters.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases where their broker has acted inappropriately. Our consultations are free of charge and the firm is only compensated if you recover.