Christopher Paul Scalese, of Dunmore, Pennsylvania, a stockbroker associated with Kestra Investment Services, LLC, has been named in a customer initiated investment related arbitration claim on January 10, 2017, in which the customer requested $1,326,000.00 in damages based upon allegations that Scalese made misrepresentations and unsuitable recommendations to the customer, and effected unsuitable real estate investment trust and equipment leasing fund transactions in the customer’s account. The customer identified the unsuitable investments as Dividend Capital Real Estate Investment Trust, Inland American Real Estate Investment Trust, Icon Leasing Fund, and Wells Real Estate Investment Trust.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Scalese has been named in eight additional customer initiated investment related disputes containing allegations of his misconduct while employed with Summit Brokerage Services, Kestra Investment Services, LLC, NFP Securities Inc., Fortune Financial Group, GF Investment Services LLC, MidSouth Capital, Inc., and FSC Securities Corp.
Particularly, on April 26, 2006, a customer initiated investment related arbitration claim involving Scalese’s conduct was settled for $9,999.00 in damages based upon allegations that Scalese effected purchases of variable annuities and universal life insurance policies which were not suitable for the customer in consideration of the customer’s financial profile. Subsequently, on January 29, 2015, a customer initiated investment related arbitration claim regarding Scalese’s activities was resolved for $50,000.00 in damages based upon allegations that Scalese effected unsuitable alternative investment transactions in the customer’s account.
On January 16, 2014, another customer initiated investment related arbitration claim involving Scalese’s conduct was settled for $22,000.00 in damages based upon allegations that Scalese induced the customer’s purchases of real estate securities and equipment leasing products based upon Scalese’s misrepresentations. Further, on May 13, 2016, a customer filed an investment related arbitration claim regarding Scalese’s activities in which the customer requested $350,000.00 in damages based upon allegations that Scalese effected unsuitable private placement transactions in the customer’s investment account.
On June 22, 2016, another customer initiated investment related arbitration claim regarding Scalese’s activities was resolved for $37,125.00 in damages based upon allegations that Scalese effected the purchase of the customer’s variable annuity even though the product was not appropriate for the customer. Moreover, Scalese was named in a customer initiated investment related arbitration claim on October 12, 2016, in which the customer requested $157,860.00 in damages based upon allegations of misrepresentation. On February 27, 2017, another customer initiated investment related arbitration claim involving Scalese’s conduct was settled for $15,750.00 in damages based upon allegations of investment related omissions and misrepresentations, overconcentration of the customer’s assets in alternative investments, and unsuitability.
Guiliano Law Group
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