ROBERT ROTUNNO Sell Unsuitable Investments?

Losses From Robert Rotunno?

The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck discloses alarming allegations of sales practices violations committed by securities broker Robert Rotunno (CRD#: 4025263, New York, NY). Notably, 11 disclosures about him concern disputes from clients of Laidlaw and Company (UK) Ltd. (“Laidlaw”), where Rotunno worked from 2004 to 2016, and 1 concerns a client of National Securities Corporation, where Rotunno worked from 2016 to 2019. These claims, which raise questions about whether Rotunno sold bad investments, have settled or are ongoing. Here’s more on the recent allegations of Rotunno’s bad investment advice, bad trading or both:
Laidlaw Client Suggests Robert Rotunno Sold Unsuitable Private Placements
 
Evidently, a client of Laidlaw brought a dispute on May 29, 2019 about Robert Rotunno’s sales practices from 2007 and 2015. The client alleged “unsuitability” in connection with the client’s listed equity and private placement investments. Allegedly, securities Rotunno sold were not consistent with the client’s investor profile. By investing in these securities, the client experienced losses. For this reason, Laidlaw settled this matter via paying the client $14,950.

National Securities Corp Client Indicates Robert Rotunno Made Bad Stock Trades

A National Securities Corp client disputed Robert Rotunno’s sales practices in filing FINRA Arbitration #: 19-00614 on February 27, 2019. Apparently, National Securities Corp, through Rotunno, made inappropriate or unreasonable OTC equities trades in the client’s brokerage account. Supposedly, Rotunno should not have put the client in those securities due to the client’s risk tolerance, investment objectives, or overall circumstances. As a result, the client alleged $150,000 in damages. As of August 28, 2019, BrokerCheck reports that this matter is pending a resolution.

Laidlaw Client Brings Arbitration Claim Indicating Robert Rotunno Excessively Traded Investments

Also, Laidlaw reports that a client brought FINRA Arbitration #:18-03992 on November 29, 2018 about Robert Rotunno. First of all, the client claimed that Rotunno made excessive trades in the client’s account until 2016. Secondly, the client indicated that Rotunno sold or traded risky and aggressive investments which included stocks, OTC equities and private placements. Allegedly, Rotunno’s excessive and unsuitable trades caused losses. For this reason, the client seeks compensatory relief of $558,624 in this pending matter.

FINRA Arbitration Indicates Rotunno Churned Client’s Account

In addition to the foregoing, a Laidlaw client filed FINRA Arbitration #: 16-01712 to contest Robert Rotunno’s sales practices. In the Statement of Claim dated July 1, 2016, the client asserted causes of action including churning and unsuitability. Apparently, through 2015, Rotunno churned the client’s common stock, preferred stock and OTC holdings. The client contended that Rotunno traded primarily to generate commissions from the client. This purported disregard for the client’s interest, in conjunction with Rotunno’s allegedly bad trades, led the client to incur losses. Evidently, Laidlaw paid the client $20,000 to settle the matter on August 10, 2016.

Suffered losses by investing with Robert Rotunno? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.