Nicholas Modesto Disesso of Florham Park New Jersey a stockbroker registered with Ameriprise Financial Services Inc. has been discharged from the firm on February 12, 2016 founded on allegations that he violated the firm’s policies concerning (1) outside business activities (2) borrowing from customers and (3) disclosures required by FINRA.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Disesso is referenced in four additional customer initiated investment related disputes containing accusations of his inappropriate activities while employed with Ameriprise Financial Services and A.G. Edwards & Sons, Inc. Particularly, on July 19, 2006, a customer initiated investment related complaint concerning Disesso’s activities was settled for $25,000.00 in damages supported by allegations that the customer’s account was churned, and unsuitable mutual fund and corporate bond transactions were effected in the customer’s account.
Subsequently, a customer initiated investment related arbitration claim concerning Disesso’s conduct was resolved for $225,000.00 in damages based upon accusations of negligence, breach of contract, churning, fraud, breach of fiduciary duty, and supervisory failures pertaining to bond, unit investment trust and equity transactions effected in customers’ accounts. FINRA Arbitration No. 14-01328 (Apr. 23, 2015). The customers contended that an investment strategy had been recommended and implemented with the customers’ funds despite the strategy failing to conform to their objectives for investing. The customers further contended that the trading strategy was not explained; customers’ did not know how the profits and commissions were impacted based upon the trading strategy.
Thereafter, a customer filed an investment related complaint involving Disesso’s activities where the customer sought $500,000.00 in damages founded on allegations that investment recommendations made to the customer were not suitable. FINRA Arbitration No. 18-00251 (Jan. 24, 2018).
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