Robert Russamano Allegedly Failed to Act in Client’s Best Interest

Robert Russamano (CRD #: 4094176), a broker registered with Wells Fargo Advisors Financial Network, allegedly engaged in unsuitable options trading, according to his BrokerCheck record, accessed on February 8, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On August 8, 2022, an investor alleged that Robert Russamano did not act in her best interest when trading put and call options, as well as derivatives. The client additionally alleged that this trading activity was unsuitable and that Robert Russamano failed to discuss the risks involved. This dispute was denied by the firm.

Investors should be aware, however, that firms can deny disputes without allowing an outside review. Investors may be able to recover their funds by pursuing FINRA arbitration following a denial.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must examine the information contained in an investor’s profile, such as their age, risk tolerance, and tax status.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods of influencing investors’ decisions. This includes the misrepresentation or omission of information related to investments, such as their potential risks, returns, or fees.

Background Information

Robert Russamano 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 55 – Limited Representative-Equity Trader Exam
• Series 7 – General Securities Representative Examination
• Series 10 – General Securities Sales Supervisor – General Module Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination

Robert Russamano is a registered broker in 36 states, the District of Columbia, and Puerto Rico. He is also a registered investment adviser in New Hampshire and Texas.

He has also worked for the following firms:

• UBS Financial Services (CRD#:8174)
• Citigroup Global Markets (CRD#:7059)
• Tower Square Securities (CRD#:833)
• Hill Thompson Magid (CRD#:2202)

Kurta Law Can Help

If you worked with Robert Russamano 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.