The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Robert Gianchiglia. According to his publicly available FINRA BrokerCheck report, Robert Gianchiglia has been the subject of multiple customer disputes over the course of his career.

Robert Gianchiglia is a Massachusetts based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with five different securities firms.

His Registrations 

  • Reliastar Financial Marketing Corp. (1991)
  • New England Securities (1991-2002)
  • Investors Capital Corp. (2002-2005)
  • Ameritas Investment Corp. (2005-2017)
  • USA Financial Securities Corporation (2017-Present)

The Allegations 

  • In September 2003, a customer alleged that Robert Gianchiglia purchased an annuity without their authorization. The customer also alleged that Gianchiglia had him sign blank forms. This case was settled for $116,569 in damages.
  • In November 2014, a customer alleged that Robert Gianchiglia recommended unsuitable investments, managed their account negligently, made material misrepresentations, breached contract, and breached his fiduciary duty. This case was settled for $14,995 in damages.
  • In March 2017, a customer alleged that Robert Gianchiglia managed their account negligently, breached his fiduciary duty, breached contract, made material misrepresentations, and recommended unsuitable securities. This case was settled for $45,000 in damages.
  • In November 2019, a customer alleged that Robert Gianchiglia made material misrepresentations about a private placement. This case is currently pending. The customer is seeking $200,000 in damages.

What Does This Mean?

Private placements are unregistered securities that are not sold on any public securities exchanges. This makes it very difficult for securities firms and regulatory agencies to properly regulate these products. Many securities brokers use this lack of regulation to their advantage when pitching these investments to their customers. This is because it allows them to mirepresent private placements as low-risk and consistently lucrative investments. This is done despite the fact that nothing could actually be further from the truth. That truth being that private placements are highly speculative and illiquid investments with incredibly excessive upfront fees. Most of these fees are given to the recommending broker as their commission for brokering the trade. The fact that private placement sales provide securities brokers with higher than average commissions serves to be the main motivation behind their recommendations.

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 Gianchiglia, 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.