Bruce Anthony Ciallella of Boca Raton Florida a stockbroker formerly registered with Summit Brokerage Services Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $100,000.00 in damages supported by accusations of fraud and the violation of Florida Securities and Investor Protection Act concerning the sale of low-priced securities and junk bonds between February of 2015 and 2018 during the period that Ciallella was associated with Summit Brokerage Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03010 (January 7, 2021).

According to the claim, Ciallella effected excessive, unsuitable, and unauthorized trades in the customer’s account. Their account was allegedly overconcentrated in stocks. The claim also alleges a breach of fiduciary duty by the stockbroker. Allegations also include omissions and misrepresentations by Ciallella and account mismanagement at Summit Brokerage Services.

Ciallella has been identified in six more customer initiated investment related disputes containing while employed by Merrill Lynch, EF Hutton Co. Inc., Summit Brokerage Services, Wachovia Securities Financial Network, and Merrill Lynch. FINRA Public Disclosure shows that Ciallella is the subject of a customer initiated investment related FINRA securities arbitration claim. The customer was awarded $9,425.00 in damages according to findings of unauthorized transactions.

Another customer initiated investment related complaint concerning Ciallella’s conduct was resolved for $14,500.00 in damages supported by allegations that a high yield bond had been misrepresented by Ciallella during the time that he was associated with Merrill Lynch. Ciallella is referenced in a different customer initiated investment related written complaint which settled for $121,000.00 in damages founded upon accusations of unsuitable investment recommendations and misrepresentations pertaining to corporate bonds at Merrill Lynch.

Ciallella is also the subject of a customer initiated investment related written complaint where the customer sought $14,000.00 in damages based on allegations of unsuitable advice by Ciallella when he was associated with Wachovia Securities Financial Network. Another customer initiated investment related FINRA securities arbitration claim involving Ciallella’s conduct was resolved for $20,000.00 in damages supported by accusations of bad advice regarding margin during the period that he was associated with Summit Brokerage Services.

Ciallella’s registration with Summit Brokerage Services has been terminated as of October 6, 2017. He was registered with IFS Securities between October 2, 2017, and September 18, 2019. Since September 11, 2019, he has been registered with Cabot Lodge Securities LLC.

 

Tags: ,

Comments are closed.