Numerous allegations and failure to respond to FINRA requests drive decision
After 10 years in the securities industry, Paul Posillico has been permanently barred from practicing as a financial broker or investment advisor. During his ten years of buying and selling securities on behalf of customers and providing advice about securities to clients, Posillico had more than 9 allegations of broker misconduct made against him.
According to FINRA’s BrokerCheck report on Posillico, the broker was barred from the securities industry for “failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”
In 2006, while with Milestone Financial Services, a customer alleged that Posillico performed unauthorized trading within the their account. The client was granted $18,000.00 in damages.
In 2009, while he was employed with Obsidian Financial Group LLC, a client alleged that Posillico was guilty of churning, unauthorized trades, unsuitable recommendations, negligence, breach of fiduciary duty, failure to supervise and fraud. The requested damages in this case were $433,000.00, according to FINRA’s BrokerCheck report on Posillico.
Most recently, however, are allegations made against Posillico while he was with Aegis Capital Corp.. While the case is still pending, it includes allegations of churning, unsuitability, unauthorized trading, breach of fiduciary duty, fraud and misrepresentation for the period of February 1, 2013 – February 1, 2014. The requested damages in this case equal $727,161.07.
Poscillico’s employment over the years included registration with the following companies: Aegis Captial Corp., Obsidian Financial Group, LLC, Charles Vista, LLC, Wetbrock Advisors, Inc. and Milestone Financial Services, Inc.
If you have been impacted by the actions of Paul Posillico or any other financial adviser, it is essential to know your rights. That’s where Silver Law Group comes in.
At Silver Law Group, our securities arbitration attorneys are equipped with skills and experience to help you navigate your legal rights to loss recovery through securities arbitration. We will provide you with a complimentary consultation and the understanding that each case is handled on a contingent fee basis in which you will only have to pay legal fees if Silver Law Group wins your case.
The actions of financial advisers should not negatively affect your financial future, and Silver Law Group is here to help. Contact us today for your free consultation.