Robert Sileo Facing Unsuitable Investment Dispute
Robert Sileo (CRD #: 2534740), a broker registered with Western International Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on September 29, 2021. Investors may have met Robert Sileo through his role at Morgan Street.
On July 8, 2021, an investor alleged that Robert Sileo recommended unsuitable investments.
FINRA Rule 2111
According to FINRA Rule 2111, suitable investments must fit an investor’s risk tolerance, investment time horizon, financial goals, investing experience, and age. Brokers have access to this information through the investor’s profile. If brokers recommend unsuitable investments, the investor may be entitled to recover losses.
- Investments can be unsuitable because they are high risk and likely to lose money.
- Securities may also be unsuitable because they are illiquid, meaning that they are meant to be held for an extended time and investors may have to pay high fees to cash out.
- Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector.
Robert Sileo Background Information
Robert Sileo has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 3 National Commodity Futures Examination
- Series 7 General Securities Representative Examination
He is a registered broker in California, Florida, and New York. Robert Sileo is also a registered investment adviser in Florida.
Robert Sileo has worked with the following firms:
- Western International Securities (CRD #: 39262)
- Goldman Sachs (CRD #: 361)
- Wachovia Securities (CRD #: 19616)
- First Union Brokerage Services (CRD #: 8112)
- NationsBanc Investments (CRD #: 16361)
- Barnett Investments (CRD #: 14897)
- NationsSecurities (CRD #: 32542)
Kurta Law Can Help
If you worked with Robert Sileo and you have concerns about your investments, contact Kurta Law today. Call 877-600-0098 or email firstname.lastname@example.org.