Robert Baldwin Del Guercio, a stockbroker formerly registered with Herbert J. Sims & Co. Inc., has been barred from associating with any FINRA member in any and all capacities based upon allegations that he failed to cooperate in a FINRA investigation into allegations of his improper conduct. Letter of Acceptance, Waiver and Consent, No. 2016051166301 (Oct. 16, 2017).
According to the AWC, Del Guercio disclosed to FINRA in July of 2016 that he was identified in a customer initiated investment related arbitration claim in which the customer alleged that Del Guercio committed sales practice violations. The AWC stated that FINRA then requested on August 31, 2017, that Del Guercio make an appearance before FINRA personnel and testify regarding the allegations of his wrongdoing. Del Guercio was given a deadline of October 12, 2017, to cooperate.
Apparently; however, FINRA staff spoke with Del Guercio on September 6, 2017, where Del Guercio confirmed that he had received FINRA’s request for his recorded testimony but that he would not be making any appearance to testify at any point. FINRA concluded Del Guercio’s refusal to testify to be conduct violative of FINRA Rules 2010 and 8210, which resulted in his permanent bar.
FINRA Public Disclosure confirms that Del Guercio has been identified in ten customer initiated investment related disputes referencing allegations of Del Guercio’s improper during the time that Del Guercio was employed with PNC Investments, UBS Financial Services Inc., Essex National Securities, Inc., and Herbert J. Sims & Co., Inc.
In that regard, on November 14, 2003, a customer initiated investment related complaint pertaining to Del Guercio’s activities was resolved for $6,470.19 in damages supported by accusations of misrepresentations of mutual funds that the customer purchased. The customer alleged that Del Guercio promised that the customer would not sustain losses on investments, and made faulty guarantees to the customer regarding mutual fund dividends. On January 29, 2007, another customer filed a complaint regarding Del Guercio’s conduct, requesting $11,000.00 in damages based on allegations that Del Guercio misrepresented the rates of returns the customer would receive by investing in a variable annuity investment.
Between February 29, 2008, and June 23, 2008, two additional customer disputes were filed, where customers requested a total of $29,388.00 in damages supported by allegations that Del Guercio engaged faulty sales practices. Further, on April 9, 2012, a customer filed an investment related written complaint involving Del Guercio’s conduct, seeking $134,933.14 in damages based upon allegations against Del Guercio of misrepresentation of a PNC wrap account. Another customer complaint regarding Del Guercio’s activities was filed on May 25, 2012, where the customer requested $1,228,216.00 in damages based on allegations that the customer’s money market account was transacted upon without the customer’s consent.
Moreover, a customer initiated investment related arbitration claim regarding Del Guercio’s activities was settled for $175,000.00 in damages based upon allegations that funds were transferred from the customer’s account despite Del Guercio’s failure to procure the customer’s approval. FINRA Arbitration No. 13-02345 (Oct. 13, 2015). Then, on May 6, 2016, a civil action pertaining to Del Guercio’s activities was resolved for $14,500.00 in damages supported by allegations that Del Guercio managed the customer’s wrap account in a negligent manner, and breached his contractual and fiduciary duties to the customer.
Furthermore, on August 28, 2017, a customer arbitration claim involving Del Guercio’s conduct was settled for $155,000.00 in damages resting on accusations against Del Guercio of breach of fiduciary duty, negligence, suitability, churning, and fraud in regard to structured corporate debt, municipal debt and structured products placed in the customer’s account.
Del Guercio’s employment with Herbert J. Sims & Co. Inc. ended on August 23, 2017.
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