Financial Industry Regulatory Authority (FINRA) BrokerCheck shows that a Wynston Hill Capital LLC client took aim at the sales practices of securities broker Robert Joseph Calamunci Sr. (CRD#: 1618899, Bronx, New York). In addition, FINRA and the National Association of Securities Dealers (NASD) both sanctioned Calamunci for alleged misconduct. Here's a quick summary of those disclosures.
Evidently, Calamunci presently works for six securities broker dealers. This includes NYPPEX LLC (2021), Wynston Hill Capital LLC (2018), Opes Bespoke Securities LLC (2019), Sequoia Investments Inc. (2018), XEnergy Financial LLC (2016), and Wilmington Capital Securities LLC (2008).
Notably, in August 2020, a Wynston Hill Capital client filed a FINRA Arbitration Claim, naming Robert Calamunci as a respondent. First of all, the client alleges that Calamunci made unsuitable trades of stocks and options. Secondly, the investor contends overconcentration in those securities. Thirdly, the client alleges that the securities broker made unauthorized trades. Moreover, Wynston Hill Capital LLC faces accusations of failing to supervise, which resulted in damages. Evidently, based on the allegations of unauthorized trading, overconcentration, unsuitability, and failure to supervise, the client seeks $314,852 in damages. However, this matter is unresolved at this time.
Particularly, in prior years, Robert Calamunci faced sanctions from NASD and FINRA. Evidently, in Calamunci's NASD case, he agreed to pay a $13,460.15 fine and serve a suspension as a stockbroker. It seems that this resolved allegations that Calamunci provided bad advice to E Street Access clients about mutual fund transactions. Supposedly, Calamunci inappropriately recommended Class B mutual fund shares for clients. He caused clients to be ineligible for breakpoints on Class A share purchases. Notably, Class A shares, according to NASD, would have allowed the clients to have lower 12B-1 fees and to avoid contingent deferred sales charges.
Securities broker Robert Calamunci denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered compensation for many US clients who have experienced losses because of their securities brokers and financial advisors.
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