Financial Advisor, Roy Failla, Has Pending Customer Complaint For Unauthorized Trading And Unsuitable Investment Recommendations
The Wolper Law Firm is currently investigating claims against Roy Failla, a Financial Advisor at First Standard Financial Co. in Red Bank, NJ. Roy Failla has been in the securities industry since the 1990s and previously worked at Alexander Capital.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 29, 2018, a customer filed a complaint against Roy Failla, alleging “CLIENT IS ALLEGING UNAUTHORIZED TRADING AND UNSUITABLE INVESTMENTS.” The alleged damages are $1.5 million and the matter remains pending.
Roy Failla has two other customer complaints reflected on his FINRA disclosure report:
• May 2010—Customer alleged “churning, unsuitable trades and misrepresentation.” The matter was settled for $40,000.
• February 2010—Customer alleged “excessive and unauthorized trading, fraud and breach of fiduciary duty.” The matter was settled for $75,000.
A For a full copy of Roya Failla’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2786551#disclosuresSection.
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.
If you or someone you know was a customer Roy Failla and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.