Securities Lawyers Blog
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Damian Mamane (Mamane) has been the subject of at least one customer complaint. The customer complaint against Mamane alleges that the broker made unsuitable investments in equity and penny stock securities.
Mamane entered the securities industry in 2001. From September 2009, until April 2014, Mamane was registered with IAA Financial LLC. Since March 2014, Mamane has been associated with Aegis Capital Corp.
Advisers have an obligation to deal fairly with investors and that obligation includes making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its costs, benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.