- June 14, 2018
- Foresters Equity Services
The Wolper Law Firm is currently investigating claims against Foresters Equity Services Financial Advisor, Michael Rappa, based in San Diego.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2018, a customer complaint was filed against Michael Rappa regarding the sale of unsuitable securities. Alleged damages are $700,000. It is further alleged that Michael Rappa engaged in private securities transactions, which are prohibited under FINRA rules.
FINRA rules strictly prohibit Financial Advisors from recommending securities that are neither authorized nor approved by their employing brokerage firm. Those who engage in private securities transactions are said to be “selling away.”
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of Michael Rappa at Foresters Equity Services and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.