- March 17, 2019
- Worden Capital Management
Robert Yasnis is a Financial Advisor at Worden Capital Management in Melville, NY. Robert Yasnis has been in the securities industry since 1993 and previously worked at Laidlaw & Company and three brokerage firms that have been expelled from the industry by the Financial Industry Regulatory Authority.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Robert Yasnis has four (4) customer complaints disclosed on his CRD, including one pending complaint, alleging sales practice allegations. The pending customer complaint alleges “churning, unauthorized trading and unsuitable trading from 2014-2017.” The alleged damages are $148,119. The remaining customer complaints against Robert Yasnis allege the following:
- October 2016—“Customer alleges churning, excessive trading and unsuitability.” The matter was settled for $20,000.
- September 2011—Customer alleges “unauthorized trading.”
- June 2011—Client alleges “unauthorized trading.”
In addition to the customer complaint disclosures, in 2013, Robert Yasnis was denied registration in the State of Florida for “making a material false statement on the application for registration.” In the 1990s, Robert Yasnis was sanctioned by both the Texas State Securities Board and the Virginia Division of Securities for alleged securities laws violations.
For a copy of the Robert Yasnis’ CRD, click https://brokercheck.finra.org/individual/summary/2399141#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.
Part of the suitability analysis requires that the trading activity be quantitatively suitable. 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.
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 firstname.lastname@example.org.