Salvatore Gioe, of New York, New York, a stockbroker formerly with PHX Financial, Inc., is the subject of a customer initiated investment related complaint where the customer is requesting $1,400,000.00 in damages based upon the allegations that Gioe engaged in unauthorized trading in the customer’s account.
This brings the total number of customer claims based upon Gioe’s conduct to fourteeen.
FINRA’s BrokerCheck reveals that the other customer claims agains Gioe include a September 21, 2006 settlement, based upon the allegation that Gioe engaged in the unauthorized trading of the customer’s account, and an August 18, 2009, settlement where the customer alleged that Gioe made an unauthorized trade in the customer’s account, and generated excessive commissions from the customer.
Gioe settled two other customer disputes in July 28, 2010, based upon the allegation that Gioe engaged in excessive trading in their accounts. On February 10, 2011, Gioe settled a customer dispute for $150,000.00 after the customer alleged that Gioe did not effect a stop loss order per the customer’s instructions.
On April 9, 2013, Gioe settled a customer dispute for $65,000.00 after the customer alleged that Gioe made misrepresentations, committed fraud in the customer’s margin account, and engaged in unauthorized, unsuitable, and excessive trading in the customer’s investment account. On September 20, 2014, Gioe settled a customer dispute for $9,106.00 after the customer alleged that Gioe committed securities fraud, and breached his contractual and fiduciary duty to the customer.
Until February 2016, Gioe was associated with Avenir Financial Group, but left when Avcnir was expelled from FINRA Membership. On September 30, 2016, Gioe was permanently barred by Financial Industry Regulatory Authority after he failed to cooperate with FINRA’s request for information pertaining to allegations of his misconduct.
Guiliano Law Group
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