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.