Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP are investigating claims against J.W. Cole Financial, Inc. (J.W. Cole Financial) broker Justin Vaccaro (Vaccaro). According to BrokerCheck records, Vaccaro has been subject to three customer complaints, one of which is still pending.
In September 2017, a customer alleged that Vaccaro engaged in Breach of Fiduciary duty, unsuitable investments, fraudulent misrepresentations, and failure to supervise. The case settled at $70,000.
In September 2017, a customer alleged that Vaccaro had advised for unsuitable investments, violated the Oregon Securities Law, breached fiduciary duty, and committed fraud and deceit. The client has requested $195,000 in damages. This dispute is still pending.
In addition, Vaccaro’s previous employer, Raymond James Financial Services, Inc. discharged Vaccaro in April 2017 for Vaccaro’s failure to disclose a power of attorney relationship with a non-customer on a firm attestation.
The Financial Industry Regulatory Authority (FINRA) mandates brokers to recommend suitable investments for the customer. In order to that, the broker must have a reasonable basis for the recommendation of the product or security based upon the broker’s research and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
Vaccaro entered the securities industry in 2007 and has been registered with J.W. Cole Financial, Inc. since 2017. From 2009 to 2017, Vaccaro was registered with Raymond James Financial Services, Inc. From 2007 to 2009, Vaccaro was registered with RBC Capital Markets Corporation.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors from brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover.