Securities Lawyers Blog
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Salvatore Pizzimenti (Pizzimenti) has been the subject of at least 4 customer complaints. Customers have filed complaints against Pizzimenti alleging securities law violations including claims of churning and excessive trading, unsuitable investments, excessive commissions, unauthorized trading, breach of fiduciary duty, and fraud among other claims. In 2013, a customer complained that Pizzimenti churned their account causing $500,000 in damages. In August 2012, another customer also complained that Pizzimenti recommended a high risk private placement and also charged excessive fees causing $1,000,000 in damages.
Pizzimenti entered the securities industry in 2004. From January 2007, until January 2009, Pizzimenti was registered with Pointe Capital, Inc. From January 2009, until February 2010, Pizzimenti was associated with National Securities Corporation. From February 2010, until August 2011, Pizzimenti was a registered representative of J.P. Turner & Company, L.L.C. Since August 2011, Pizzimenti has been associated with Legend Securities, Inc. out of the firm’s New York, New York office location.
All advisers have a fundamental responsibility to deal fairly with investors including 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 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.