Meyer Wilson Investigating Broker Robert Rotunno for Alleged Stockbroker Misconduct
The investor fraud attorneys at Meyer Wilson are interested in speaking with you if you had money invested by Robert Rotunno, who is accused by several of his former customers of stockbroker misconduct.
According to a May 20, 2017 BrokerCheck report from the Financial Industry Regulatory Authority (FINRA), National Securities broker Robert Rotunno (CRD# 4025263) of New York has several resolved disputes and currently has two pending disputes, both from April 2017. Robert Rotunno’s broker registration covers 37 U.S. states and territories.
Rotunno has been in the securities industry for 17 years. He currently is registered with National Securities in New York, New York, where he has been since January of 2016. His previous registrations were with American Investment Services in Oklahoma City, Oklahoma, Murphy & Durieu in New York, New York, Global Capital in Englewood, Colorado, Sands Brothers in New York, New York and Laidlaw & Company in New York, New York.
He has two exams under his belt, the Series 63 Uniform Securities Agent State Law Examination and Series 7 General Securities Representative Examination.
All of the complaints against Robert Rotunno for alleged stockbroker misconduct took place when he was registered with Laidlaw & Company.
One complaint filed in April 2017 alleges Robert Rotunno made unsuitable recommendations in addition to over-concentrated investments from 2007 to 2010. The customer seeks $323,000 in damages.
The other complaint filed in April 2017 accuses Robert Rotunno of making unsuitable recommendations and excessive trading from 2009 to 2015. The client seeks $572,000 in damages in that case.
In 2016, a client alleged Robert Rotunno churned investments and made unsuitable recommendations from 2010 to 2015. Even though the client sought $80,000 in damages, that complaint was settled for $20,000.
In 2014, Rotunno stood accused of making unsuitable recommendations for a client from 2006 to 2012. That case was settled for $325,000.
Troubles surfaced in 2012 when a customer alleged Rotunno made unsuitable recommendations, misrepresented material facts related to investments, breached contract, and breached fiduciary duty. The client settled for $65,000.
Stockbroker Misconduct Takes Many Forms
When someone such as Robert Rotunno is accused of churning, it means he is accused of excessive buying and selling securities in a customer’s account in order to generate his own commissions. This practice is illegal; brokers have a duty to place the interests of their clients first and foremost.
A stockbroker is also supposed to make sure that all recommendations he or she makes to clients are appropriate to avoid unsuitable recommendations. Your broker has an obligation to know and understand your finances to the extent that he will discuss investments that are appropriate to your circumstances. Among the items your broker should consider before recommending an investment are:
- Your current financial situation
- Why you are investing and what your goals are
- Your future financial and situational circumstances
- Your risk tolerance
If you have allegations of stockbroker misconduct against Robert Rotunno or any other broker, Meyer Wilson will be on your side to help you regain the compensation that you duly deserve if your claim has merit. Call us for a free consultation today.