Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Destefano (Destefano), currently associated with Fmsbonds, INC., has at least one disclosable event. These events include one customer complaint, alleging that Destefano recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,225,000.00 on April 30, 2021.
A third-party, beneficiary of a deceased former client of the firm’s has alleged that the trust of the former client was overconcentrated with with various unsuitable Puerto Rico municipal bonds causing losses to incurred by the trust.