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Vincent Mastrovito Embroiled in His Third Unsuitability Dispute

Mar 25, 2022 Unsuitable Investments

Vincent Mastrovito (CRD #:2044645), a broker formerly registered with J.W. Cole Financial, is involved in his third unsuitability dispute, according to his BrokerCheck record, accessed on March 22, 2022. 

Unsuitable Investments Allegations

According to the allegations filed on January 24, 2022, Vincent Mastrovito recommended unsuitable REITs and an insurance policy. The dispute is still pending. 

Vincent Mastrovito was involved in a similar dispute in 2021, also alleging unsuitable investment recommendations involving REITs and an insurance product. The investor sought $235,337; however, the firm denied the case. Firms can deny cases without external review and investors should know that they can still recover investments following a denials. 

Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment. 

Overconcentration Allegations

On January 18, 2022, Vincent Mastrovito was named in an investor dispute after allegedly over-concentrating his client's accounts in alternative investments, annuities, and life insurance policies. The case is still pending.

Overconcentration is a Violation of FINRA Rule 2111

Overconcentration occurs when a broker concentrates an investor's portfolio in one security or sector, exposing the investment portfolio to an inappropriate degree of risk which can lead to significant losses.

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. An investment strategy might be unsuitable if the securities are over-concentrated in a particular stock or sector. 

Resignation Details

On September 6, 2013,  Vincent Mastrovito was permitted to resign from his position at Cambridge Investment Research after allegedly violating firm policy regarding the sale of equity-indexed annuities.

Background Information

 Vincent Mastrovito 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
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Besides J.W. Cole Financial and Cambridge Investment Research, Vincent Mastrovito has also worked with the following firms:

  • Lincoln Financial Advisors Corporation (CRD#:3978)
  • First Heartland Capital (CRD#:32460)
  • The Lincoln National Life Insurance Company (CRD#:2580)

Kurta Law Can Help

If you have worked with Vincent Mastrovito and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com 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.