Articles Tagged with unauthorized activity

shutterstock_103681238-300x300The investment lawyers at Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Luigi Mancusi (Mancusi).

According to BrokerCheck records, Mancusi allegedly “exercised discretion in effecting 45 transactions in a customer’s accounts without prior written authorization from the customer to exercise discretion in these accounts and without the accounts having been approved for discretionary trading by his member firm.” Further, Mancusi allegedly executed three transactions in another customer’s account without prior authorization. Reportedly, “Mancusi sold the security and used the proceeds to purchase two other securities in the customer’s account to replace it. As a result, the customer incurred fees, commissions, and ultimately a loss in disposing of an unwanted purchase into a new position, totaling $2,966.97.” Mancusi has been suspended from the securities industry for two months and has been fined $10,000.

Mancusi has also received five customer complaints.

In November 2017, a customer alleged Mancusi placed the customer in unsuitable investments for their age and risk tolerance and they were placed in unauthorized investments. This dispute is currently pending.

In July 2015, a customer alleged unauthorized transactions took place in the customer’s accounts. This dispute settled for $60,000.

In July 2013, multiple customers alleged unsuitability, breach of fiduciary duty, negligent misrepresentation and failure to supervise. This dispute settled for $50,000.
In October 2009, a customer alleged Mancusi misrepresented material facts related to an unsuitable investment as well as unauthorized investments. This dispute settled for $80,000.

In September 2002, a customer alleged she instructed to Mancusi to purchase a fixed annuity and she was sold a variable annuity after Mancusi did not follow her instructions. This dispute settled for $30,000.

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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.

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