New York Securities Fraud Lawyers Blog
It was reported by AdvisorHub on January 24, 2017 that the firm terminated three high producing brokers who were being investigated internally. The three brokers were members of the PC Wealth Management Group.
The first broker, Michael Paesano, was reported to
have been terminated over “concerns” of his “exercise of discretion and investment strategy,” according to the AdvisorHub article. According to Mr. Paesano’s publicly available BrokerCheck report, as maintained by the Financial Industry Regulatory Authority (FINRA), he has been the subject of 15 customer complaints, spanning his employment and registration at two broker-dealers, including Morgan Stanley from May 2011 to January 2017 and UBS Financial Services, Inc. from August 2005 to May 2011. According to Mr. Paesano’s BrokerCheck report and the AdvisorHub article, the most recent customer complaint, alleging unsuitable investments and $1,000,000 in damages, resulted in a settlement of $245,000 to the customer.