Former JP Morgan Broker, Eric Silvestre, Has Pending Customer Complaint For Unauthorized Trading, Alleging Damages Of $2 Million
Eric Silvestre (CRD #3171573) was a former Financial Advisor at JP Morgan in Santa Monica, California. Eric Silvestre currently works for Western International Securities. Eric Silvestre has been in the securities industry since 1999 and previously worked at Washington Mutual Investments.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 14, 2019, Eric Silvestre “voluntarily resigned” from JP Morgan while under internal review for allegedly exercising discretion in non-discretionary investment accounts and marking those trades as having been initiated by the customer. Shortly following Eric Silvestre’s departure from JP Morgan, a customer filed a complaint, alleging “unauthorized trading regarding equity-OTC investment.” The alleged damages are $2 million and the matter remains pending.
Before executing a trade, the law requires that your financial advisor obtain prior authorization from the account owner or his or her written designee. Failure to obtain prior authorization may provide you with a claim to recover any attending losses and a return of all commissions charged. Financial advisors who engage in unauthorized trading often do so in order to generate a commission.
In 2013, a second customer filed a complaint, which is disclosed on Eric Silvestre’s CRD. The 2013 complaint, which alleges misrepresentation, was denied by the brokerage firm.
For a copy of Eric Silvestre’s CRD, click https://brokercheck.finra.org/individual/summary/3171573#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.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
- First Standard Financial Broker, Frank Venturelli, Suspended Eleven Months By FINRA For Allegedly Engaging In Excessive Trading
- Former RBC Capital Markets Broker, Barry Hartwyk, Suspended By FINRA For 15 Days For Allegedly Exercising Discretion In Client Accounts
- Morgan Stanley Broker, Albert Dishner, Suspended By FINRA For Ten Days For Allegedly Exercising Discretion In Customer Accounts
- Center Street Securities Financial Advisor, Seth Stewart, Has Two Disclosed Customer Complaints
- Arkadios Capital Financial Advisor, Kevin Rainwater, Has Four Disclosed Customer Complaints, And Tax Liens
- Former Western International Securities Broker, Dennis Mehringer, Barred By FINRA
- Aegis Capital Corp. Financial Advisor, Thomas Kelly, Jr., Has Had Fifteen Disclosed Customer Complaints During His Career
- Former O.N. Equity Sales Co. Broker, James Van Ham, Suspended By FINRA, For Allegedly Attempting To Facilitate An Annuity Exchange Away From His Firm
- Former Pruco Securities Broker, Matthew Muratori, Barred By FINRA, After Failing To Cooperate With Investigation Regarding Conversion Of Funds Belonging To Elderly Client
- Did You Purchase GPB Capital Holdings Or Other Alternative Investments From Former Concorde Investment Services And Current DAI Broker, Joseph Michaeletz?