Ronald Giovino Barred, Faces GWN Investor Disputes

Broker Ronald Giovino (GWN Securities) Barred, Involved In Investor Disputes

The Financial Industry Regulatory Authority (FINRA) barred securities broker Ronald Joseph Giovino (CRD#: 2236071, Clearwater, Florida). This means that Giovino cannot be a securities broker with any FINRA-member firm (most securities firms in the country). In addition, it appears that Giovino is involved in disputes where clients alleged sales practice violations. Here’s more about the sanctions and client disputes.

FINRA Expels Ronald Giovino As Securities Broker Because Of Investigation Misconduct

The financial industry watchdog issued the indefinite bar of Ronald Giovino on July 8, 2021, because he allegedly violated FINRA rules by failing to comply with regulators. Supposedly, FINRA investigated a tip that alleged Giovino misused investor funds. The broker produced information and documents for FINRA in the investigation. However, he did not fully comply with FINRA’s requests. And when FINRA asked him for missing information, he refused to comply. The broker agreed to the bar rather than comply with the request. It appears that GWN Securities, who employed Giovino from 2004 to 2021, discharged Giovino because of FINRA's disciplinary action.

GWN Securities Client Alleges Breach Of Fiduciary Duty By Giovino

Evidently, a client of GWN Securities disputed Ronald Giovino’s actions in April 2021. The client mainly alleges that Giovino entered a loan agreement with them and used funds to buy commercial property. The agreement called for the broker to pay back the loan in monthly installments by August 2040. The client alleges that Giovino acted in breach of fiduciary duty because of this arrangement. Moreover, the broker purportedly did not mortgage the property to secure the loan. However, this matter was closed without resolution.

Client Of GWN Securities Alleges That Giovino Made Inaccurate Statements About Rollovers

Evidently, in August 2019, a GWN Securities client took aim at Ronald Giovino’s sales practices. Specifically, the client claimed that Giovino told them the wrong information about distributing funds from an IRA and rolling those proceeds over. It appears that the client was not allowed to rollover a non-spouse inherited IRA. Giovino supposedly caused the client to suffer $60,000 in damages. For this reason, the client seeks compensation in this ongoing dispute.
A third client dispute involving a GWN Securities client concerns Ronald Giovino’s sale of a variable annuity. Supposedly, the client faced market losses, surrender charges, and the loss of a living benefit because of Giovino. However, GWN Securities denied the complaint.

Losses Through Ronald Giovino?

Did you suffer losses because of securities broker Ronald Giovino? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Giovino denies all allegations of his sales practice violations.