American Portfolios Financial Securities, Inc. Broker, Brian Dibrino, Has Had Three Customer Complaint Disclosures, Including Two Since May 2020
Brian Dibrino (CRD # 2837066) is a Financial Advisor at American Portfolio Financial Securities Inc., in Fairfield, NJ. Brian Dibrino has been in the securities industry since 1997 and previously worked for SII Investments, Inc., Fahnestock Asset Management, Oppenheimer & Co. Inc., and Morgan Stanley.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Brian Dibrino has been the subject of three (3) customer complaints, alleging sales practice misconduct, including two since May 2020:
• June 2020—”Claimants allege their former representatives recommended alternative investments that were not suitable for them. Claimants generally allege misrepresentation, unsuitable recommendations, breach fiduciary duty, failure to supervise, breach of contract and negligence.” Alleged damages are $125,000.00.
• May 2020—”Negligence and breach of fiduciary duty.” Alleged damages $500,000.00.
• April 2012—”CLIENT CLAIMS THAT REPRESENTATIVE FAILED TO REPORT MARKET LOSSES TO HIM BEGINNING IN 2008 AND MISMANAGED HIS ACCOUNT.”
In addition to the foregoing complaints, in 2016, First Allied Securities “discharged” Brian Dibrino after he allegedly “failed to follow firm policy by permitting a non-registered assistant to reuse client signatures and working in concert with the same assistant to alter client signed documents.”
For a copy of Brian Dibrino’s CRD, click
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s:
• Other investments
• Financial situation and needs
• Tax status
• Investment objectives
• Time horizon
• Liquidity needs
• Risk tolerance
• Any other information disclosed by the customer
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