- November 16, 2019
- Wells Fargo Advisors
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.
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