National investment loss lawyers KlaymanToskes is investigating broker Salvadore Robert Salvo (CRD# 409637) of Purshe Kaplan Sterling Investments and Summit Financial, LLC.
According to FINRA BrokerCheck, broker Salvadore Robert Salvo is currently facing an investor complaint alleging $784,000 in damages due to allegations of negligence, misrepresentations and omissions, and breach of fiduciary duties and contractual obligations, by referring the clients to a third-party captive insurance company that allegedly committed fraud and lost the clients’ investment. A second pending customer complaint alleges $508,000 in damages.
Investors that suffered losses with broker Salvadore Robert Salvo are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Investment Losses with Broker Salvadore Robert Salvo?
Contact KlaymanToskesFinancial Advisor Salvadore Robert Salvo Faces Investor Complaint
Financial advisor Salvadore Robert Salvo, of Purshe Kaplan Sterling Investments and Summit Financial, is currently involved in a customer dispute seeking $784,000 in investor damages. The customers allege that Summit and the financial advisor were negligent, made misrepresentations and omissions, and breached their fiduciary duties and contractual obligations by referring the clients to a third-party captive insurance company that allegedly committed fraud and lost the clients’ investment.
The broker’s comment on the disclosure states “Upon request from the Clients’ accountant, Advisors referred Clients to two third party captive insurance vendors that had been utilized by other clients. The captive vendor that Clients chose closed after allegedly committing fraud. Advisor did not solicit Clients to use captive insurance or these vendors. Nor did Advisor receive any compensation for referring Clients to these vendors.”
A second pending customer complaint alleges $508,000 in damages and that the custodian should have transferred all his existing positions in-kind to his new account and that he should have been notified of the positions that did not transfer in-kind sooner. Client alleges that as a result, the advisor team failed their fiduciary responsibilities by not knowing that all of his existing positions may not have been able to be transferred in kind.
Signs Investors Should Look Out For About Their Brokerage Accounts
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your broker. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
- You have substantial losses in your investment accounts
- You received a call, email, or other communication from your broker’s supervisor or manager regarding your portfolio
- Your broker misrepresented investment opportunities, or failed to disclose details about investments
- You notice unauthorized transactions in your investment accounts
- Your broker is not returning your calls or emails
- You filed a complaint with your brokerage firm that has not been resolved
- You see a mistake on your statement, or receive a fraudulent statement
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Salvadore Robert Salvo, or have concerns regarding your investment portfolio at Purshe Kaplan Sterling Investments or Summit Financial, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
