Joseph John Squillacioti, of Irvine, California, a stockbroker formerly registered with Ameriprise Financial, was fired on May 15, 2017, based upon having consistently violated the firm’s policies with respect to the solicitation of investments from customers.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Squillacioti has been identified in five customer initiated investment related disputes pertaining to allegations of Squillacioti’s wrongdoing while he was employed with First Union Securities, Inc., Kemper Securities, Inc. among other brokerage firms. In particular, a customer initiated investment related arbitration claim involving Squillacioti’s conduct was settled to resolve accusations of negligence, breach of contract, and misrepresentation. National Association of Securities Dealers (NASD) Arbitration No. 92-02996 (Jan. 31, 1994).
Another customer initiated investment related arbitration claim regarding Squillacioti’s activities was settled to resolve allegations of breach of fiduciary duty, negligence, and breach of contract. NASD Arbitration No. 92-03543 (Oct. 31, 1994). A subsequent customer arbitration claim concerning Squillacioti’s conduct was settled to resolve allegations of breach of fiduciary duty, negligence, and misrepresentation. NASD Arbitration No. 94-02472 (June 16, 1995).
Thereafter, on May 16, 2000, a customer initiated investment related written complaint involving Squillacioti’s conduct was settled for $6,880.00 in damages supported by allegations that Squillacioti effected unsuitable over-the-counter equities transactions in the customer’s account, where the investments failed to confirm with the customer’s tolerance for risk. Further, a customer arbitration claim regarding Squillacioti’s activities was resolved for $62,500.00 in damages founded on allegations of unsuitable and misrepresented investment transactions having been effected in the customer’s account. The customer also alleged that her account was mismanaged and churned.
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