Articles Tagged with Herbert J. Sims

shutterstock_143094109-300x200According to BrokerCheck records financial advisor Robert Salles (Salles), currently employed by Herbert J. Sims & Co, Inc. (Herbert J. Sims) has been subject to at least six customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Salles customer complaints allege that Salles made unsuitable recommendations in a variety of investments including junk bonds, Puerto Rico bonds, and structured notes.

In July 2018 a customer complained that Salles violated the securities laws by engaging in unsuitable investments.  The customer alleges $100,000 in damages and the claim was denied by the firm.

In May 2018 a customer complained that Salles violated the securities laws by engaging in conduct from September 2009 to present that was a breach of fiduciary duty, negligence, breach of contract, fraud misrepresentation, and failure to supervise involving junk bonds, Puerto Rico bonds, and structured notes. The customer alleges $200,000 in damages.  The claim is currently pending.

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shutterstock_27786601The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against broker Larry Wolfe (Wolfe). According to BrokerCheck records, Reda has been subject to nine disclosures including eight customer complaints and one employment termination for cause. The customer complaints against Wolfe allege a number of securities law violations including that the broker made unsuitable investments, fraud, unauthorized trading, and omissions of material information among other claims.

In December 2015, brokerage firm Herbert J. Sims & Co. Inc. (Herbert J. Sims) terminated Wolfe for cause alleging that the broker exercised discretion, in a non-discretionary account, in making trades for an account without speaking with client before trades in violation of firm policies among other causes for the broker’s termination.

The most recent customer complaint was filed In May 2016 claims $1,500,000 in damages and alleges seriously-egregious broker and broker/dealer misconduct upon the client including unauthorized trading, unsuitable investment recommendations, fraudulent misrepresentations and omissions of material information, violation H.J Sims policies and procedures.

shutterstock_150746The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against broker Michael Stern (Stern).  According to BrokerCheck records Stern has been subject to at least eight customer complaints.  The customer complaints against Stern alleges securities law violations that including unsuitable investments, fraud, and breach of fiduciary duty among other claims.

In June 2015 a customer filed a complaint alleging $1,000,000 in damage stemming from negligence and breach of fiduciary duty.  The complaint is pending.

Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client.  In order to make a suitable recommendation the broker must meet certain requirements.  First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors.  Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

shutterstock_88744093According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Robert Delguercio (Delguercio) has been the subject of at least eight customer complaints, two financial matters, and one employment separation. The customer complaints against Delguercio allege a number of securities law violations including that the broker made unsuitable investments, unauthorized activity, negligence, fraud, and misrepresentations among other claims.

One customer complaint filed in September 2013, alleged that from February 2007, through February 2012, that Delguercio made unauthorized transfers of funds from her account and the claimant’s now deceased husband and alleging $10,400,000 in damages. Another complaint filed in May 2012, alleged that Delguercio made unauthorized transactions and liquidations in the customers accounts leading to claims of over $1.2 million.  After reading an earlier version of this article Mr. Delguercio reached out to our firm to comment stating that the woman in above arbitration provided a power of attorney to her husband and denies the charges made in the complaint.  Mr. Delguercio stated that he expects that his position will be vindicated in a future arbitration hearing on this matter.

Delguercio entered the securities industry in 1995. From 2004, until January 2010, Delguercio was registered with PNC Investments (PNC). Upon termination from PNC the firm filed a Uniform Termination form (Form U5) stating that the reason for the firm’s termination of Delguercio was due to allegations by the firm that Delguercio received a verbal complaint from a customer alleging that Delguercio misrepresented a GNMA Bond. PNC then reviewed the complaint and Delguercio resigned at that time. Delguercio disputes PNC’s account of events. Thereafter, from December 2009, through February 2012, Delguercio was associated with UBS Financial Services Inc. Finally, Delguercio has been a registered representative with Herbert J. Sims & Co. Inc. since February 2012.

shutterstock_189302954According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Michael Bell (Bell) has been the subject of at least 8 customer complaints, two financial disclosures, two firm terminations, and two regulatory actions. Customers have filed complaints against Bell alleging a litany of securities law violations including that the broker made unsuitable investments, unauthorized trades, breach of fiduciary duty, misrepresentations and false statements, churning, and fraud, among other claims. Some of these claims involve recommendations in penny stocks, private placements, and other speculative securities.

An examination of Bell’s employment history reveals that Bell moves from troubled firm to troubled firm. The pattern of brokers moving in this way is sometimes called “cockroaching” within the industry. See More Than 5,000 Stockbrokers From Expelled Firms Still Selling Securities, The Wall Street Journal, (Oct. 4, 2013). In Bell’s 25 year career he has worked at 18 different firms.

Since 2008 Bell has been registered with Brewer Financial Services, LLC, Herbert J. Sims & Co. Inc., and most recently Westpark Capital, Inc. (Westpark) until July 2014.