New York Securities Fraud Lawyers Blog
The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints regarding Raymond James Financial Services broker Joseph Amalfitano of Malvern, PA. According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Amalfitano moved to Raymond James after stints at Citigroup and Merrill Lynch.
Mr. Amalfitano was recently the subject of two customer complaints since 2008, per FINRA records.
According to his BrokerCheck, in 2012, Mr. Amalfitano was alleged to have “maintained an unsuitable concentration of Bank of America stock” in customers’ accounts. Overconcentration can be dangerous since it has the potential to create higher risk and volatility of an account when compared to a more balanced, diversified portfolio. FINRA records indicate this case was settled.
In 2008, allegations were made by a customer against Mr. Amalfitano for
“unauthorized trading and unsuitable investments,” per his BrokerCheck. FINRA records indicate this case was also settled.
As Mr. Amalfitano’s FINRA record shows, customers can recover their investment losses resulting from overconcentration, unauthorized trading and unsuitable investment recommendations.
The attorneys at Malecki Law are regularly contacted by and regularly represent individuals who have lost money in connection with inappropriate securities transactions, including excessive trading/churning, by financial advisors/stockbrokers.