Salvatore Gambino Embroiled in Third Unsuitability Dispute
Salvatore Gambino (CRD #: 2846054), a broker formerly registered with Aegis Capital Corp, is involved in his fourth unsuitability dispute of 2021, according to his BrokerCheck record, accessed on December 6, 2021.
On November 17, 2021, an investor alleged that Salvatore Gambino breached a contract and was negligent. Negligence violates FINRA Rule 2010, which requires that brokers uphold high standards of commercial honor. The investor is seeking $50,000; the dispute is pending.
According to the allegations filed on October 6, 2021, Salvatore Gambino recommended unsuitable investments between December 2016 and 2021. The damage amount requested is $50,000一 The case is still pending.
This is not Salvatore Gambino’s first unsuitability case.
In 2021, Salvatore Gambino was involved in two unsuitability disputes that have since been settled. They were collectively settled for $60,000.
What is Unsuitability?
Unsuitability is a term used to describe inappropriate recommendations and trades that are inconsistent with the customer’s goals and investment profile.
FINRA Rule 2111 states that a broker must consider their investor’s profile before they recommend investments. A customer’s investment profile consists of a wide range of individual characteristics, including the customer’s:
- Financial situation and needs
- Tax status
- Investment objectives
- Investment experience
- Risk tolerance
Brokers have a duty to give advice and recommend investments that are in the best interest of their customers. They should take into account any risk tolerances or goals the person has expressed before making recommendations, as well as if those preferences change over time.
If an investor suffers financial losses as a result of an unsuitable recommendation, the broker’s firm may be liable for such losses.
If you’ve lost money due to a financial advisor’s bad recommendations, do not hesitate to contact an experienced securities attorney as soon as possible. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.
Salvatore Gambino has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
Salvatore Gambino has worked with the following firms:
- Aegis Capital Corp (CRD #: 15007)
- Gunnallen Financial (CRD#:17609)
- Ehrenkrantz King Nussbaum (CRD#:113525)
- Joseph Gunnar & Co.(CRD#:24795)
- Lew Lieberbaum & Co.(CRD#:17341)
Kurta Law Can Help
If you worked with Salvatore Gambino and you have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.