Joe Sturniolo Targeted In Suitability Disputes

Geneos Broker Joe Sturniolo Possibly Caused Investor Losses

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report for Geneos Wealth Management securities broker Joseph “Joe” Sylvester Sturniolo (CRD#: 1094557, Denver, Colorado) contains alarming information from clients of Geneos and First Allied Securities. Evidently, Sturniolo has worked for Geneos Wealth Management since 2006 in Denver, Boulder and Colorado Springs. He also heads Sturniolo Joseph S. Associates Inc. in Denver as of 1999. Namely, five of Sturniolo’s clients between Geneos and First Allied brought disputes which contain allegations of his sales practice violations. These disputes suggest that the broker could have caused investors to experience losses. Here’s more.

Geneos Client Indicates That Joe Sturniolo Misrepresented Information About Alternative Investments

Evidently, a client of Geneos brought a FINRA Arbitration Claim about Joe Sturniolo in September 2020. It appears that Sturniolo had the client invest in a variable annuity, alternative investment and a real estate security from 2011 to 2018. Supposedly, the broker misrepresented information about those investments. Also, he allegedly made bad investment recommendations. For this reason, the client asked for $75,000 in this ongoing matter.

Sturniolo Purportedly Sold Unsuitable Investments To Client

The second most recent dispute reported on Joe Sturniolo’s BrokerCheck report consists of a lawsuit brought by a Geneos client in October 2018. Specifically, Sturniolo may have failed to consider the client’s suitability factors (e.g. risk tolerance, financial needs) before telling the client to buy annuities and non-traded REITs. It appears that those investments may have been unsuitable. Because of this, in August 2019, Geneos opted to settle the matter by paying the client $237,500.

First Allied Client Indicates That Joe Sturniolo Prompted Bad Annuity Exchange

The third claim comes from a client of First Allied which is where Joe Sturniolo worked before Geneos. Supposedly, Sturniolo caused the client to do an unsuitable 1035 Exchange (tax-free transfer of one annuity to another). However, this matter was denied by the firm.

Client Of First Allied Indicates That Sturniolo Acted In Breach Of Fiduciary Duty

In addition, a First Allied client brought a lawsuit about Joe Sturniolo’s sales or recommendations of equities. It seems that the broker may have breached his fiduciary responsibility to this client. In addition, the client indicated that Sturniolo was negligent and made unsuitable trades. For this reason, the client received $675,000 from First Allied to settle the matter.

Joe Sturniolo Supposedly Traded Mutual Funds On An Unreasonable Basis

Further, a First Allied client took aim at Joe Sturniolo in a dispute about mutual fund trades. Allegedly, Sturniolo breached a fiduciary duty and made unsuitable transactions involving mutual funds. However, this matter was denied by First Allied Securities.

Did You Incur Losses From Investing Through Joe Sturniolo?

It appears from BrokerCheck that Joe Sturniolo denies allegations that customers made against him. Did he cause you to sustain losses? If so, contact Soreide Law Group at (888) 760-6552 and speak with a knowledgeable lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions for investors who experienced losses due to the misconduct of financial advisors and securities brokers.