Securities Lawyers Blog
According to BrokerCheck records financial advisor Robert Salles (Salles), currently employed by Herbert J. Sims & Co, Inc. (Herbert J. Sims) has been subject to at least six customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Salles customer complaints allege that Salles made unsuitable recommendations in a variety of investments including junk bonds, Puerto Rico bonds, and structured notes.
In July 2018 a customer complained that Salles violated the securities laws by engaging in unsuitable investments. The customer alleges $100,000 in damages and the claim was denied by the firm.
In May 2018 a customer complained that Salles violated the securities laws by engaging in conduct from September 2009 to present that was a breach of fiduciary duty, negligence, breach of contract, fraud misrepresentation, and failure to supervise involving junk bonds, Puerto Rico bonds, and structured notes. The customer alleges $200,000 in damages. The claim is currently pending.