Broker Bruce Ciallella Discloses Summit Brokerage Client Disputes

Soreide Law Group comes to you with new information on FINRA BrokerCheck in regard to securities broker Bruce Anthony Ciallella (CRD#: 719050, Boca Raton, Florida). Evidently, Ciallella worked for securities brokers Merrill Lynch, Summit Brokerage Services (2005 to 2017), IFS Securities (2017 to 2019), and Cabot Lodge Securities LLC (2019 to present). Investor complaints and arbitration claims are reported on BrokerCheck regarding Ciallella, with one or more claims alleging excessive, unsuitable, and unauthorized trading. Let’s take a closer look at the allegations relating to this securities broker, including what you could do if you experienced losses.

Bruce Ciallella’s Summit Brokerage Services Client Alleges Excessive, Unsuitable Trading

Specifically, a client of Summit Brokerage Services expressed concerns about Bruce Ciallella’s sales practices, according to a dispute listed on BrokerCheck dated November 2019. Notably, client’s allegations against the securities firm or broker include excessive trading, unsuitable investments, breach of fiduciary duty, failure to manage accounts, misrepresentations, concentrated stock positions, and violation of the Florida Securities and Investor Protection Act.

Supposedly, the client experienced damages stemming from Ciallella’s sales practice violations concerning stocks (common and preferred) and low-priced securities and “junk bonds.” It appears that Summit Brokerage Services opted to resolve this matter by paying the client $100,000 in damages, according to a settlement reached in January 2021.

Client Of Summit Brokerage Services Alleges Unreasonable Investment Advice

Evidently, a Summit Brokerage Services client pursued a dispute about Bruce Ciallella’s and the securities firm’s sales practices in September 2014. Apparently, the claim alleges “illegal investment advice.” Supposedly, the securities firm or Ciallella caused the client to incur damages because of margin. Notably, the client agreed to settle their allegations with Summit Brokerage Services, as the firm agreed to pay the client $20,000 in damages in a settlement dated July 2015.

Bruce Ciallella’s Wachovia Securities Client Alleges Unsuitable Investment Recommendations

Also, a Wachovia Securities client disputed Bruce Ciallella’s activities as a securities broker. Sales practice violations in this investment dispute purportedly include unsuitable recommendations regarding equities. Although, following a review of the client’s allegations, the securities firm opted to deny the client’s claim.

Moreover, Merrill Lynch disputes about Bruce Ciallella allege misrepresentations of bonds, unsuitable recommendations, and improper purchases of debt investments. Those investor disputes are settled through payments to investors.

Did You Sustain Damages Through Bruce Ciallella?

Did Ciallella cause you to experience losses? You could touch base with Soreide Law Group at (888) 760-6552 and speak with a securities attorney about possibly recovering your losses. Soreide Law Group takes clients’ cases on a contingency fee arrangement and advances all costs. The firm has recovered compensation for many US investors that incurred losses because of their financial advisors or securities brokers. Please note that Ciallella denies the allegations of improper sales practices.

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