Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Salvatore Gambino (Gambino), previously associated with Aegis Capital Corp., has at least one disclosable event. These events include one regulatory event, alleging that Gambino recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 27, 2023.
Without admitting or denying the findings, Gambino consented to the sanctions and to the entry of findings that he made unsuitable recommendations in speculative alternative investments to three firm customers that were inconsistent with the customers’ investment profiles. The findings stated that Gambino’s recommendations to purchase Automotive Portfolio limited partnership interests to the customers were unsuitable for the customers based on their age, income, net worth, risk tolerance, status as an unaccredited investor, and because Gambino’s recommendation to one of the customers resulted in the over-concentration of his liquid net worth in alternative investments.