Vincent Petrangelo Involved In Raymond James Investor Dispute

Soreide Law Group is investigating potential investor disputes pertaining to securities broker Vincent Leonard Petrangelo (CRD#: 2866580, Springfield, Massachusetts). Evidently, Petrangelo worked for securities firms NYLife Securities, Morgan Stanley, Raymond James & Associates (2006 to 2018 as both financial advisor and securities broker), and Ameriprise Financial Services (2018 to present). Notably, six investors disputed Petrangelo's sales practices. Here's more about the allegations against Petrangelo and how an investment loss recovery lawyer helps investors obtain compensation resulting from sales practice violations.

Raymond James & Associates Client Alleges Vincent Petrangelo Failed To Supervise As Branch Manager

Evidently, a client of Raymond James & Associates complained about Vincent Petrangelo's supervision of financial advisors. According to this January 2021 FINRA Arbitration Claim (New York), Petrangelo did not reasonably supervise the advisors who recommended mutual fund and stock transactions. Supposedly, the client experienced damages by investing in the advisors under Petrangelo's supervision. For this reason, they seek compensation from the securities broker dealer or Petrangelo to resolve this ongoing matter.

Massachusetts Securities Division's Sanctions Against Petrangelo Concerning Client Complaints

Also, the Massachusetts Securities Division sanctioned Vincent Petrangelo in 2018 to resolve concerns about Petrangelo's disclosures. Specifically, at the time, the Division alleged that Petrangelo had "14 disclosure incidents," including 5 complaints from clients of securities firms who collectively alleged "breach of fiduciary duty, unauthorized trading, churning, and suitability." For this reason, the Division instituted conditional registration requirements when Petrangelo joined Ameriprise Financial Services. Those requirements include Ameriprise supervising Petrangelo on a "heightened basis," meaning that the firm must closely monitor Petrangelo's activities.

Vincent Petrangelo's Raymond James Client Alleges Misrepresentation

Moreover, a client of Raymond James Associates disputed Vincent Petrangelo's sales practices in February 2016, according to a written complaint listed on BrokerCheck. Supposedly, Petrangelo misrepresented facts concerning a variable annuity. For this reason, the client asked for $78,192 in compensation. However, Raymond James denied this client's allegations and their request for compensation.

Client Prevails In Arbitration Claim Against Raymond James, Petrangelo

According to a 2013 FINRA Arbitration Award, Arbitrators determined that Vincent Petrangelo was liable for sales practice violations. The client's Statement of Claim contains allegations of churning, breach of fiduciary duty, unsuitability, unauthorized trading, and failure to supervise. Petrangelo and Raymond James were required under this Award to pay $39,802.69 in compensatory damages.

Other disputes listed on Vincent Petrangelo's BrokerCheck record include a dispute about unsuitable investments (2006), a dispute about unauthorized trading (2012), and a dispute about unsuitability (2012). Those claims either were denied or have been withdrawn.

Did You Experience Damages Because Of Petrangelo?

Did securities broker Vincent Petrangelo cause you to suffer losses because of sales practice violations? You should get in touch with Soreide Law Group at (888) 760-6552 and chat with a skilled securities lawyer regarding a possible recovery of your losses. We take cases on a contingency fee basis and advance all costs. The firm has helped many US investors recover compensation when they have sustained losses from their financial advisors or securities brokers. Please note that Petrangelo denies the allegations of his improper sales practices.