Cetera Financial (former National Securities Corporation) Broker Accused of Unsuitable Recommendations
James Ciocia, a broker with Cetera Financial Specialists, LLC, formerly with National Securities Corporation has been accused of making unsuitable recommendations in two separate customer disputes. The investors each requested damages exceeding $100,000. Individuals who invested with James Ciocia and sustained losses are strongly encouraged to consult with an investment fraud attorney.
At Meyer Wilson, we continue to investigate and file claims related to broker misconduct. Brokerage firms and their representatives have a duty to make suitable recommendations to a client based on their risk tolerance. If you or a loved one were recommended and sold an unsuitable investment or strategy, contact our office at (614) 532-4576 for a free consultation.
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Settled Customer Disputes Against James Ciocia
The Financial Industry Regulatory Authority (FINRA) provides information on licensed brokers and brokerage firms. Through BrokerCheck, investors can learn about the broker’s experience, employment history, state licenses, and public disclosures. Public disclosures often indicate if a customer has filed a dispute against the broker or if there have been any regulatory findings.
According to the BrokerCheck report of James Cosmo Ciocia (CRD#: 1619245), he has been the subject of two customer disputes. Both have been settled and occurred during his employment with National Securities Corporation. The disputes each alleged that Ciocia made unsuitable recommendations resulting in significant losses. Each client alleged damages in the six figures.
James Ciocia is a currently registered broker with Cetera Financial Specialists, LLC. He has been employed with a total of 12 firms.
What Is Unsuitability?
According to FINRA Rule 2111, a registered firm or its representative must only make an investment recommendation or strategy that is suitable based on the customer’s investment profile.
To determine whether a strategy or investment recommendation is suitable, a broker must take into account the customer’s:
- Age
- Other investments
- Investment objectives
- Risk tolerance
- Investment experience
- Financial situation and needs
- Tax status
- Other relevant factors
A broker’s failure to complete their due diligence when making an investment recommendation may be considered a violation of securities law. Individuals who have suffered losses due to a broker’s unsuitable investment recommendations are encouraged to contact an investment fraud attorney.
Our lawyers are nationwide leaders in investment fraud cases.
File an Investor Claim Today
If you have suffered losses as the result of a broker’s unsuitable recommendations you might be entitled to financial recovery. It is important to act quickly as you only have a limited amount of time to file a claim for damages. Aggrieved investors may be able to recover damages through a lawsuit or FINRA arbitration.
Contact our office today at (614) 532-4576 to discuss your legal options. All case evaluations are free and without obligation to retain our services.
Recovering Losses Caused by Investment Misconduct.
