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Financial Advisor Gerald Fasanella Has Eight Disclosed Complaints

Gerald Fasanella (CRD#: 849312) is a registered Investment Advisor and previously registered Broker.

Broker’s Background

He entered the securities industry in 1978 and previously worked for Cetera Advisors, LLC; Next Financial Group, Inc.; LPL Financial Corporation; Mutual Service Corporation; AIG Financial Advisors, Inc.; SunAmerica Securities, Inc.; Anchor Management Group, Inc.; and Merrill Lynch, Pierce, Fenner & Smith, Inc.

Current And Past Allegations Of Conduct Leading To Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2020, a customer dispute against Gerald Fasanella was settled for $137,500. The allegation states, “Claimants allege that their registered representative recommended unsuitable investments.”

In addition, Gerald Fasanella has been the subject of seven customer complaints, including the following:

  • July 2020 — “Misleading on investments for puts and calls.” The customer dispute was settled for $6,935.35.
  • October 2011 — “CUSTOMERS CLAIM NEGLIGENCE, BREACH OF CONTRACT, UNSUITABILITY AND MISREPRESENTATION OF RECOMMENDED PRODUCTS.” The customer dispute was resolved through arbitration and settled for $60,000.
  • March 2010 — “THE CLIENT ALLEGES IN 2005 THE REPRESENTATIVE SOLICITED THEM A HIGHLY SPECULATIVE UNSUITABLE REIT, AND AN UNSUITABLE VARIABLE ANNUITY.” The customer dispute was denied.
  • January 2008 — “MISREPRESENTATION.” Damages of $5,144.07 were requested. The customer dispute was closed with no action.
  • April 1990 — “CUSTOMER ALLEGED THAT HE WAS NOT ADEQUATELY INFORMED OF THE RISKS INHERENT IN TRADING OPTIONS AND SOUGHT $55,000 IN DAMAGES.” The customer dispute was settled for $33,000.
  • April 1990 — “CUSTOMERS VERALLY ALLEGED UNSUITABLE OPTIONS TRADING IN THEIR JOINT ACCOUNT AND SOUGHT APPROXIMATELY $15,000 IN DAMAGES.” The customer dispute was settled for $68,000.
  • January 1989 — “CUSTOMERS ALLEGED UNAUTHORIZED OPTION TRADING, FAILURE TO DISCLOSE RISKS OF OPTIONS AND SOUGHT $47,350.00 IN DAMAGES.” The customer dispute was resolved with an award/judgment in favor of the customer and $23,600 in damages granted.

For a copy of Gerald Fasanella’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

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.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

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 mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]