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.
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