Robert Macaluso Allegedly Violated State and Federal Laws

Robert Macaluso (CRD #: 1348161), a broker registered with Stifel, Nicolaus & Company, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on June 13, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On May 25, 2023, an investor alleged that Robert Macaluso made unsuitable investment recommendations and material misrepresentations and omissions in violation of FINRA Rules 2111 and 2020, federal law, and Florida blue sky laws.

The client seeks $99,999 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account the information described in an investor’s profile, such as their tax status, age, and risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, and other fraudulent means of influencing the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

What are Blue Sky Laws?

Blue sky laws are state-level regulations that provide investors with an additional layer of protection against securities fraud. They may also describe which types of investments must register with the state securities board.

Background Information

Robert Macaluso has passed the following exams:

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

Robert Macaluso is a registered broker in 14 states.

He has also worked for Wells Fargo Advisors (CRD#:19616) and A. G. Edwards & Sons (CRD#:4).

Kurta Law Can Help

If you worked with Robert Macaluso 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.