Robert Frederick Genito of Bonita Springs Florida a stockbroker formerly registered with PFS Investments Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of the stockbroker failing to provide recorded testimony during FINRA’s investigation into allegations into his (1) outside business activities which failed to be made known to the securities broker dealer and (2) engagement in private securities transactions when he was employed by PFS Investments Inc. Letter of Acceptance Waiver and Consent No. 2019061049701 (Nov. 22, 2019).
According to the AWC, on December 14, 2018, Genito was discharged by PFS Investments Inc. based upon accusations that he partook in a private securities transaction or an outside business activity. A FINRA investigation commenced into Genito’s possible violations of FINRA rules.
On October 29, 2019, Genito was asked by FINRA to provide recorded testimony in regard to the allegations made against him by his former employer. The regulator subsequently received an e-mail from Genito which confirmed that he would not cooperate with its request. Specifically, Genito acknowledged having received the regulator’s request to testify but declined to testify. FINRA found Genito’s conduct violative of FINRA Rules 2010 and 8210, and the regulator barred him for this reason.
FINRA Public Disclosure reveals that Genito is the subject of a customer initiated investment related complaint where the customer requested $30,000.00 in damages supported by accusations that when Genito was associated with PFS Investments Inc., the customer had been placed into an annuity which was wholly inappropriate for the customer’s situation.
Genito was registered with PFS Investments Inc. between April 2, 2004 and December 14, 2018.
