- November 16, 2021
- Wells Fargo Advisors
Paul Vizanko (CRD#: 2572222) is a previously registered Broker and previously registered Investment Advisor. Paul Vizanko was barred by FINRA in May 2021.
He entered the securities industry in 1995 and previously worked for Wells Fargo Clearing Services, LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Wells Fargo Investments, LLC; Miller Johnson Steichen Kinnard, Inc.; PaineWebber Incorporated; and Waddell & Reed, Inc.
Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2021, a customer dispute was filed against Paul Vizanko. The FINRA sanction states, “Customer complains that the financial advisor cashed checks payable to the financial advisor meant for the client but kept the monies for himself. (09/23/2015-12/22/20).”
In addition, Paul Vizanko has two additional disclosures on his CRD, including a FINRA bar and an employment termination for allegedly taking money from a customer.
- May 2021–”Respondent Vizanko failed to respond to FINRA request for information.” Paul Vizanko was barred by FINRA from all capacities indefinitely beginning August 30, 2021.
- January 2021–”FA borrowed funds from a client. With respect to another client (“Client 2”), FA failed to disclose to the Firm that (1) FA received a cash gift from Client 2 and (2) FA was a beneficiary of Client 2’s Trust. Client 2 alleged FA misappropriated funds from him.” Paul Vizanko was discharged by Wells Fargo Clearing Services, LLC.
For a copy of Paul Vizanko’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
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 agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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