Brokerage Herbert J. Sims Is Sued

Customer of Boca Raton Brokerage Herbert J. Sims Files Securities Arbitration Due To Robert Alan Salles

Robert Alan Salles (CRD #1468194, Boca Raton, Florida), who has been a registered representative of Herbert J. Sims & Co, Inc. since October 11, 2002, disclosed via Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that his activities have given rise to a pending customer-initiated investment-related arbitration dated May 14, 2018. The customer has alleged failure to supervise, breach of contract, misrepresentation, fraud, negligence, and breach of fiduciary duty in connection with specualtive bonds and structured notes held in the customer’s investment account. At least $200,000.00 in damages have been alleged by the customer. (FINRA Arbitration Case #18-01839).

Salles has disclosed four more customer disputes on FINRA BrokerCheck regarding allegations of his sales practice violations including unsuitability, negligence, misrepresentation, fraud, and breach of fiduciary duty:

  • On March 17, 2001, a Salomon Smith Barney Inc. customer filed a complaint alleging misrepresentation and breach of fiduciary duty concerning equities purchased in the customer’s account. The customer requested $40,000.00 in damages.
  • On August 3, 2001, a customer of Salomon Smith Barney brought an arbitration alleging fraud, unsuitability, breach of fiduciary duty, negligence and misrepresentation in connection with the customer’s equity and corporate debt holdings. The customer agreed to settle the matter for $65,000.00 on December 10, 2002. (NASD Arbitration #01-03423).
  • On December 10, 2002, a Salomon customer filed a complaint alleging that the customer’s assets were allocated in unsuitable municipal debt investments. More than $5,000.00 in damages had been requested by the customer.
  • On October 26, 2017, a customer of Herbert J. Sims & Co, Inc. filed a complaint alleging unsuitable investment recommendations to have been made from 2005 to 2017. The customer pursued $16,000.00 in damages.

Investors who have suffered losses by Robert Alan Salles’ activities or from any misconduct of another registered representative are encouraged to contact Soreide Law Group at (888) 760-6552 to speak with experienced securities law counsel about potentially recovering your investment losses. We represent clients nationwide against brokers and brokerage firms, and only charge a fee if successful in recovering for you. We are located in Pompano Beach Florida near the main Herbert J. Sims & Co, Inc. office.