Donald A. Devito
CRD# 1096364
Silver Law Group is investigating former Albany, New York-based Wells Fargo broker Donald A Devito after multiple FINRA complaints alleging unauthorized trading and unsuitable investment recommendations.
According to FINRA’s BrokerCheck report on Devito, a FINRA complaint was filed in January of 2017 alleging unauthorized trading and losses in the client’s account. The complainant alleged damages of $350,000. This complaint was settled in FINRA arbitration in May of 2017 for $300,000
Another Compliant, alleges that from 2014 until 2016 Devito made unsuitable investments on behalf of a client. This complaint alleges $75,000 in damages and was settled for the amount of $55,000.
Also, Devito has a pending customer compliant alleging unsuitable recommendation and excessive trading between 2012-2017. The complainant seeks over $1,000,000 in compensatory damages.
Devito is not currently employed by any brokerage firm. He was previously based out of Wells Fargo Advisor’s Albany, NY location. Devito was discharged by Wells Fargo in December of 2016 over concerns related to the level of trading in client accounts.
Making unsuitable investment recommendations is a serious form of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.
Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there must be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unsuitable recommendations. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you. Scott Silver is a S.U.N.Y Albany graduate, a frequent lecturer at Albany Law School on securities arbitration.
If you invested with Donald A Devito and Wells Fargo Advisors and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.