The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker John Anthony Sommo (CRD: 3141638, New Haven, CT). Evidently, investors disputed the sales practices of the securities broker, who worked for UBS Financial Services Inc. Additionally, the securities broker discloses a regulatory enforcement action. However, Sommo denies the allegations of sales practice violations. Read on to learn more about the allegations against Sommo.
UBS Financial Services Inc. Investor Accuses John Sommo Of Misrepresentation
Notably, a client of UBS Financial Services Inc. contested John Sommo’s sales practices by filing FINRA Arbitration: 22-01578 on July 15, 2022. Allegedly, Sommo made unsuitable recommendations, overconcentrated accounts, made misrepresentations, and engaged in unauthorized trading. Supposedly, Sommo caused the client to sustain damages by investing in equities. Therefore, the client seeks compensatory relief from UBS Financial Services Inc. or Sommo in this ongoing matter.
FINRA Bars Sommo For Failure To Respond To FINRA
Additionally, on April 4, 2022, FINRA issued Case: 2020067928601 sanctioning John Sommo for infractions. Specifically, Sommo is now barred as a securities broker. Notably, FINRA claims that Sommo failed to respond to FINRA’s request for information. Typically, FINRA bars brokers who do not comply with (or otherwise respond to) the regulator’s investigations or inquiries.
John Sommo Discloses Unsuitable Recommendations Allegations By UBS Financial Services Inc. Client
Also, a client of UBS Financial Services Inc. contested John Sommo’s sales practices, according to a complaint. Allegedly, Sommo made unsuitable recommendations and overconcentrated accounts in certain investments. Supposedly, Sommo caused the client to sustain damages by investing in MLPs. Therefore, UBS Financial Services Inc. opted to settle the matter on March 23, 2021, by compensating the client in the amount of $30,000.
Wachovia Securities LLC Investor Accuses Sommo Of Omissions
Evidently, on September 30, 2008, a Wachovia Securities LLC client filed a complaint about John Sommo. Namely, the client alleged that Sommo made omissions. Because of this, the client allegedly sustained damages by investing in variable annuities. Therefore, the client requested compensation from Wachovia Securities LLC or Sommo. Evidently, this complaint is denied.
John Sommo Discloses Allegations By Wells Fargo Advisors LLC Client
Also, a client of Wells Fargo Advisors LLC contested John Sommo’s sales practices, according to a complaint. Allegedly, Sommo sold auction rate securities that became illiquid. Supposedly, Sommo caused the client to sustain damages. Therefore, Wells Fargo Advisors LLC opted to settle the matter on August 15, 2008, by compensating the client in the amount of $25,000.
John Sommo worked for UBS Financial Services Inc. in New Haven, CT, as a securities broker from May of 2009 to October of 2020.
Damages Resulting From UBS Financial Services Inc. Securities Broker John Sommo?
Have you experienced damages through John Sommo? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your investment losses. Soreide Law Group, who has effectively recovered money for hundreds of investors in the United States, is ready to review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Sommo and brokerage firms Sommo worked for deny any and all allegations of sales practice violations.
