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John Sommo Suspended by FINRA

Mar 21, 2022 FINRA Suspension

John Sommo (CRD #:3141638), a broker previously registered with UBS Financial Services Inc., was suspended from FINRA after failing to respond to FINRA requests for information. This information is from John Sommo’s BrokerCheck record, accessed on March 17, 2022. You can find more information below about his conduct as a broker.

FINRA Suspension

On January 24, 2022, FINRA suspended John Sommo after he failed to respond to requests for information. This action followed a Notice of Suspension letter sent by FINRA on December 31, 2021, pursuant to FINRA Rule 9552. If John Sommo fails to request termination of the suspension within three months of the date of the Notice of Suspension, he will automatically be barred on April 4, 2022.

FINRA Rules 9552 and 2111

FINRA Rule 9552 states that failure to provide FINRA with the requested information will result in first a written notice of possible suspension. 

Unsuitable Investment Allegations

On September 14, 2020, an investor alleged that John Sommo recommended unsuitable investments and over-concentrated her investments in the MLP energy sector. The dispute was settled for $30,000.

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status

Background Information

John Sommo has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

He has worked for the following firms:

  • UBS Financial Services Inc. (CRD #:8174)
  • Wells Fargo Advisors, LLC (CRD #:19616)
  • Prudential Securities Incorporated (CRD #:7471)
  • Dean Witter Reynolds Inc. (CRD #:7556)

Kurta Law Can Help

If you worked with John Sommo and 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.