The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Borsellino. According to his publicly available FINRA BrokerCheck report, John Borsellino has been the subject of multiple customer complaints.
John Borsellino operated most recently as a Connecticut based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Merrill Lynch (1990-2006)
- Morgan Stanley DW (2006-2007)
- Morgan Stanley & Co. (2007-2009)
- Morgan Stanley (2009-2018)
The Allegations
- In April 2002, a customer alleged that John Borsellino purchased a mutual fund on their behalf without their authorization. This case was settled for $20,109 in damages.
- In July 2006, a customer alleged that John Borsellino made unsuitable investment recommendations and failed to follow instructions. This case was settled for $85,000 in damages.
- In August 2006, a customer alleged that John Borsellino recommended unsuitable investments and made material misrepresentations. This case was settled for $135,000 in damages.
- In December 2019, John Borsellino was officially sanctioned by FINRA. The findings in this matter state that Borsellino executed unsuitable transactions in the accounts of multiple customers. John Borsellino allegedly recommended these customers purchase both municipal bonds and non-municipal securities that caused the customers to incur significant upfront sales charges. This is because Borsellino allegedly purchased these securities before transferring them into the customers’ fee-based accounts as opposed to simply purchasing them for the accounts. This distinction is what caused the sales charges. Due to these alleged actions, John Borsellino was fined $5,000, forced to pay $23,931 in disgorgement, and was suspended from acting as a securities broker in any fashion for a period of three months.
What Does This Mean?
Securities brokers have an obligation to their customers to always look out for their best financial interests. This means brokers are to manage their customers’ accounts in a manner suitable to them. This includes not placing them in situations that would cause them to incur unnecessary fees. These fees can drastically add up and greatly diminish principal investments. This prevents investors from seeing desired returns, which is the reason they hired a securities broker in the first place.
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 John Borsellino, please contact Oakes & Foser for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
