Basile’s mother opened a brokerage account with Waddell and Reed in 2014, shortly after his son joined the firm. Basile served as the broker for the account, but between January 2015 and October 2017, he allegedly withdrew funds to keep for himself. He used them to pay for his own living expenses without her consent.
Police began an investigation after they received information about elder abuse from adult protective services. The report states that the abuse occurred in Boise, Idaho, where Basile’s mother resides.
Chino, California police arrested Basile on May 22 and charged him with a felony count of embezzlement and theft from an elder. He pled guilty in court and received a two-year suspended sentence as an opportunity for probation. If he does not break any laws during the two years, his sentence could be dismissed.
Interestingly enough, Basile posted an article on his professional Facebook page captioned “The holidays are about family – and family conversations. Be sure to speak with your elderly relatives about preventing financial fraud.” This was one of the last things he posted before his actions were discovered. FINRA has begun to address concerns that financial advisors and others may take advantage of elderly investors. Financial advisors should never ask a client for money in the form of a gift, loan, bequest or otherwise.
Contact Our Firm if You’ve Invested with Robert Basile
If you invested with Robert Basile and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by a securities attorney, please contact Silver Law Group, a securities arbitration law firm.
Silver Law Group is a nationally-recognized securities law firm headquartered in South Florida representing investors worldwide with their claims for losses due to securities and investment fraud. The firm has successfully recovered multi-million dollar awards for its clients through securities arbitration and the courts. To contact Scott L. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at SSilver@silverlaw.com.