The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Robert Delguercio. According to his publicly available FINRA BrokerCheck report, Robert Delguercio has been the subject of multiple customer disputes.
Robert Delguercio was a New Jersey based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with ten different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Merrill Lynch (1995-1996)
- Fiserv Investor Services (1996-1998)
- Summit Financial Services Group (1998-2001)
- Quick & Reilly (2001-2002)
- Essex National Securities (2002-2003)
- Invest Financial Corporation (2003-2004)
- NFB Investment Services Corp. (2004)
- PNC Investments (2004-2010)
- UBS Financial Services (2009-2012)
- Herbert J. Sims & Co. (2012-2017)
The Allegations
- In November 2003, a customer alleged that Robert Delguercio made material misrepresentations about purchased mutual funds. This case was settled for $6,740 in damages.
- In December 2009, Robert Delguercio resigned from his position at PNC Investments amidst allegations that he misrepresented a GNMA bond to a customer.
- In September 2013, a customer alleged that Robert Delguercio made an unauthorized transfer of funds from her account. This case was settled for $175,000 in damages.
- In July 2016, a customer alleged that Robert Delguercio recommended unsuitable investments, committed fraud, engaged in unauthorized trading, churned their account, handled their account negligently, and breached his fiduciary duty. This case was settled for $155,000 in damages.
- In October 2017, Robert Delguercio was officially sanctioned by FINRA. The findings in this matter state that he allegedly failed to comply with an investigation into his alleged sales practice violations. Due to this alleged failure to comply, Robert Delguercio was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
One of the most notable allegations levied against Robert Delguercio was that he executed unauthorized transactions on his customers’ behalf. Securities brokers are not allowed to execute any type of transaction on their customers’ behalf without first obtaining their authorization to do so. It is a common misconception that just because an investor has hired a securities broker means they have forfeited the right to ultimately decide what they are invested in–this is not the case. Investors hire brokers to advise them, not to make the decisions for them. More often than not, when a securities broker like Robert Delguercio executes an unauthorized transaction, it is because it was a highly unsuitable transaction that would not have been authorized. This can often lead to financial loss in the customer’s account.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Delguercio, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
