Michael Joseph DiSilvio, of Garden City, New York, a stockbroker registered with Wells Fargo Clearing Services LLC, was the subject of a customer initiated investment related civil action that was settled for $25,000.00 in damages based upon allegations that DiSilvio approved inappropriate withdrawals from the customer’s account when DiSilvio was associated with Wells Fargo Clearing Services LLC. Civil Action No. 2022CV30013 (September 14, 2022).
Here, the Claimant alleged that his mother took inappropriate withdrawals from a custodial account held for the Claimant’s benefit. Claimant’s mother filed a third party complaint alleging that to the extent the withdrawals were inappropriate and the Firm approved the withdrawals.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that this is not the first time that DiSilvio faced accusations of sales practice violations. DiSilvio is the subject of a different customer initiated investment related written complaint which was settled for $30,000.00 in damages based upon alleged churning of the customer’s account, unauthorized trading, and unsuitable recommendations by the stockbroker.
DiSilvio was associated with Wells Fargo Clearing Services LLC in Garden City, New York from January 1, 2008, to May 12, 2020. DiSilvio has been associated with Raymond James Financial Services Inc. in Garden City, New York since April 27, 2020.
