The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Nicholas Disesso. According to his publicly available FINRA BrokerCheck report, Nicholas Disesso has been the subject of multiple customer disputes.

Nicholas Disesso was a New Jersey based securities broker. He worked in the securities industry for thirty-eight years. During his career, he was registered with seven different securities firms.

His Registrations

  • J.B. Hanauer & Co. (1977-1982)
  • Moore & Scley Municipals (1982-1986)
  • Smith Barney, Harris & Upham & Co. (1986-1988)
  • Dean Witter Reynolds (1988-1991)
  • A.G. Edwards & Sons (1991-2008)
  • Wells Fargo Advisors (2008-2009)
  • Ameriprise Financial Services (2009-2016)

The Allegations

  • In April 1998, a customer alleged that Nicholas Disesso excessively traded their account. This case was settled for $70,000 in damages.
  • In April 2006, a customer alleged that Nicholas Disesso placed them in inappropriate investments, excessively traded their account, and churned their account. This case was settled for $25,000 in damages.
  • In May 2014, customers allege that Nicholas Disesso recommended and effectuated a trading strategy and sale of a number investments that did not meet their investment objectives. This case was settled for $225,000 in damages.
  • Nicholas Disesso’s career came to an end in February 2016 when he was terminated from his position at Ameriprise Financial Services. This was due to several alleged rule violations that included borrowing money from a client and failing to disclose outside business activities.
  • In January 2018, a customer alleged that Nicholas Disesso unsuitably recommended they invest in Puerto Rican municipal bonds. This case was settled for $40,000 in damages.

Puerto Rico Bonds

Puerto bonds and closed-end bond funds were pretty popular for a period of time. The main reason is because they were triple tax exempt. Since Puerto Rico is not technically a state, Puerto Rico bonds and bond funds were exempt from federal, state, and local taxes. Usually, when a customer wants to receive the benefits from a tax exempt bond, they must reside where the bond is purchased. Puerto Rico municipal bonds were the exception. Investors all across the nation could receive the tax benefits from anywhere in the nation. However, Puerto Rico eventually filed for bankruptcy and defaulted on the bonds.

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 Nicholas Disesso, please contact Oakes & Fosher for a free and private consultation.