Robert Frederick Genito of Bonita Springs Florida a stockbroker formerly registered with PFS Investments Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $100,000.00 in damages supported by allegations that the customer had been issued a promissory note through Genito and that the stockbroker defaulted on repayment resulting in damages to the customer. FINRA Arbitration No. 20-02826 (Aug. 31, 2020).
This is not the first time that Genito has been accused of wrongdoing by a PFS customer. FINRA Public Disclosure also reveals that a customer initiated investment related FINRA securities arbitration claim involving Genito’s activities was resolved for $15,000.00 in damages founded on accusations that the customer was placed into unsuitable securities including variable annuities by Genito when he was associated with PFS.
FINRA Public Disclosure confirms that Genito has been barred from associating with any FINRA member in any capacity based upon findings that he did not cooperate with the regulator during the time that he was under investigation for engaging in outside business activities. Letter of Acceptance Waiver and Consent No. 2019061049701 (Nov. 22, 2019).
According to the AWC, FINRA’s investigation into Genito’s activities began after it received a Uniform Termination Notice for Securities Industry Registration (Form U5) from PFS in regard to Genito’s employment termination. PFS indicated to FINRA that Genito had been discharged on December 14, 2018 supported by allegations of his outside business activities or private securities transactions while registered with the securities broker dealer.
FINRA personnel received cooperation from Genito in the beginning of its investigation but his cooperation stopped in November of 2019. Genito was asked at that time to provide recorded testimony to FINRA personnel as part of its investigation. The regulator was notified that the stockbroker would not make any appearance to answer questions. FINRA determined that Genito’s failure to testify was violative of FINRA Rules 2010 and 8210.
Genito was registered with PFS between April 2, 2004 and December 14, 2018.
