Gary Nuccio Allegedly Recommended Unsuitable Investment Strategy

Gary Nuccio (CRD #: 1779887), a broker registered with Ameriprise Financial Services, was involved in a recent dispute, according to his BrokerCheck record, accessed on July 31, 2022. Keep reading if you want to learn more about Gary Nuccio’s conduct as a broker.

Investor Dispute

On June 1, 2022, an investor alleged that Gary Nuccio recommended an investment strategy that was not in the client’s best interests due to his age, financial situation, risk tolerance, and future liquidity needs. The client sought $50,000 in damages but was denied by the firm.

However, investors should be aware that firms can deny disputes without an outside review. Investors may still be able to recover their losses by seeking out FINRA arbitration after a denial.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 defines suitable investment recommendations as those that adequately match an investor’s financial goals. When recommending individual investments or investment strategies, brokers must take into account the information described in an investor’s profile, such as their age, risk tolerance, and other investments.

The Securities and Exchange Commission established Regulation Best Interest (Reg-Bi) as an extension to the suitability requirements of FINRA Rule 2111. Brokers must disclose any conflicts of interest and conduct reasonable diligence to ensure their recommendations are in their client’s best interests.

Background Information

Gary Nuccio has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Gary Nuccio is a registered broker in 31 states and the District of Columbia and a registered investment adviser in New York and Texas.

He has also worked for IDS Life Insurance Company (CRD#: 6321) and Life Planning (CRD#: 13358).

Kurta Law Can Help

If you worked with Gary Nuccio and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.