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Brandon D. Gioffre, of New York, New York, a stockbroker with Constellation Wealth Advisors LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015046448701 (June 22, 2016).
According to the AWC, from August 2014 through April 2015, while Gioffre worked as a stockbroker with Constellation Wealth Advisors, LLC, he made several recommendations to investors pertaining to a private placement investment opportunity not offered through his firm. The AWC stated that at least one of CWA’s clients was solicited by Gioffre regarding the private placement.
The AWC stated that Gioffre provided false assurances to the affected clients that his firm had authorized the private placement. Apparently, Gioffre met with affected clients at CWA’s offices; met with the issuer of the private placement; and utilized CWA’s approved e-mail address in the correspondence with the clients and the issuer.
Apparently, the aforementioned CWA client as well as another outside investor handed over $2,000,000.00 in the aggregate to invest pursuant to Gioffre’s recommendations. Gioffre reportedly raked in $75,000.00 in commissions associated with the CWA client’s investment. Subsequently, both investors who purchased the private placement suffered 100% losses. FINRA found that Gioffre’s unauthorized private securities transactions was violative of FINRA Rule 2010 and NASD Conduct Rule 3040, leading to his permanent bar.
Public disclosure records reveal that Gioffre has been subject to at six disclosure incidents. On April 21, 2008, Gioffre settled a customer dispute for $250,000.00 after a customer lodged a complaint regarding the purchase of an auction rate security. Gioffre settled a similar customer dispute for $1,150,000.00 on June 4, 2008.
On May 21, 2014, Morgan Stanley terminated Gioffre amid violations of firm policies pertaining to outside investments, fund transfers, and personal account fees. Constellation Wealth Advisors, LLC permitted Gioffre to resign on July 27, 2015 in connection with the aforementioned allegations of unauthorized private securities transactions.
On November 4, 2015, Gioffre became subject to a pending customer dispute, in which customers are requesting $881,657.00 in the aggregate after alleging that Gioffre solicited investments in TMG Energy Systems, which was offered outside the auspices of the firm and resulted in customer losses.
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