A Boca Raton money manager, Peter Bruno, was charged by the Florida Office of Financial Regulation, with allegedly giving unsuitable recommendations to a janitor and his wife, which caused them to lose the majority of their $70K investment.
Bruno, of Wall Street Money Management Group, also hosts a financial radio show. Bruno's recommendations to the couple allegedly caused them to lose 96 percent of their savings, the Florida Office of Financial Regulation said on October 3rd, 2013. The agency said the couple's investment was meant to be of a conservative nature, one with low risk. The agency commented that "due to Bruno's risky trading strategy," the couple purchased stock in the troubled Washington Mutual approximately 10 months before the savings and loans went under in 2008, state regulators said.
Bruno denies the charges and has asked for a hearing before the Florida Office of Financial Regulation.
If you have sustained losses due to your stock broker or financial advisor’s recommendations of a risky investment for your conservative portfolio, call for a free consultation on how to potentially recover your losses. To speak with an attorney at Soreide Law Group call: 888-760-6552.
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