Former Wells Fargo Financial Advisor, Elizabeth Guarino, Suspended By FINRA For Alleged Recommendation Of Unsuitable Speculative Securities Transactions
Elizabeth Guarino (CRD # 1264531) was a Financial Advisor at Wells Fargo Clearing Services, LLC in Woodbury, NY. Elizabeith Guarino has been in the securities industry since 1984 and previously worked at Morgan Stanley, Salomon Smith Barney and Lehman Brothers.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 1, 2019, FINRA suspended Elizabeth Guarino for fifteen months for allegedly recommending “speculative securities transactions, in oil and natural gas limited partnerships whose general credit rating was junk, to her elderly member firm customer that were unsuitable.”
For a copy of Elizabeth Guarino’s FINRA sanction click https://www.finra.org/sites/default/files/fda_documents/2017055883501%20Elizabeth%20Ann%20Guarino%20CRD%201264531%20AWC%20sl.pdf.
In addition, Elizabeth Guarino was the subject of an August 2016 customer complaint alleging “unsuitable energy investments.” The alleged damages were $280,000, and the matter settled for $150,000.
For a copy of Elizabeth Guarino’s CRD, click https://brokercheck.finra.org/individual/summary/1264531#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 email@example.com.
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Wells Fargo Clearing Services, LLC Broker, Kevin Schaefer, Has Had Six Customer Complaint Disclosures Throughout His Career
- Former LPL Financial Broker, Michael Tavel, Suspended by FINRA for 18 Months After Allegedly Participating in Private Securities Transactions Away from His Member Firm
- R.F. Lafferty & Co., Inc. Broker Jay Tomlinson Suspended For Three Months and Fined After Allegations of Improperly Exercised Discretion Without Proper Authorization
- Customer Dispute Pending Against Morgan Stanley Broker and Investment Adviser Darryl Cohen for Alleged Misappropriation of Funds
- FINRA Regulatory Complaint Filed Against Investment Adviser and Former Westpark Capital, Inc. Broker, Gregory McCloskey, for Making Private Securities Transactions
- Former J.P. Morgan Securities LLC Financial Advisor, Paul Zakhary, Suspended and Fined By FINRA Over Suitability Rule Violations