Soreide Law Group, (888) 760-6552, obtained this summation of information from FINRA’s website listed under “Disciplinary and Other FINRA Actions, March, 2014.”
Peter Bruno (CRD #1180960, Registered Principal, Boca Raton, Florida)
was fined $20,000 and suspended by FINRA for three months. FINRA's findings stated that Bruno marketed his investment services through various media, however it failed to clarify certain information for a sound basis for evaluating the facts concerning the services discussed. A 69-year-old customer of Bruno, had planned to use the investment income in the next year. However, Bruno used this customer’s funds to purchase shares in a bond fund that were inconsistent with the customer’s risk tolerance and objective to maintain his capital.
A letter from the customer was faxed to Bruno instructing him to discontinue trades using the remaining cash, and the next day the customer spoke to Bruno confirming his instructions. Allegedly, then Bruno purchased shares of a similar bond fund, which was then considered unauthorized, since the customer had given instructions to Bruno to stop trading in the account. This bond fund lost the customer $24,142.
FINRA stated that the customer had filed an arbitration against Bruno relating to unsuitable and unauthorized trades. There was a settlement agreement that contained a confidentiality provision stating, that the customer could not disclose claims. This provision had the effect of impeding FINRA’s investigation.
FINRA's suspension is in effect from January 21, 2014, through April 20, 2014.
(FINRA Case #2012031224101)
Peter Bruno was previously registered with the following FINRA firm:
WALL STREET MONEY CENTER CORP. (CRD# 21788) - BOCA RATON, FL
03/1989 - 07/2013
This ends the information obtained from FINRA's website.
On October 8, 2013, our blog posted the following article relating to Peter Bruno:
https://www.securitieslawyer.com/securitieslawyerblog/?p=3911
Fort Lauderdale-based, Soreide Law Group, represents clients nationwide. For a consultation with a securities attorney at no charge, call (888) 760-6552.
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