James Michael Noto, of Trinity, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2016 for $25,000.00 in damages. The customer’s claim was based upon allegations that Noto effected an unsuitable variable annuity contract.
FINRA Public Disclosure reveals that Noto has been identified in six additional customer initiated investment related disputes concerning allegations of Noto’s misconduct while employed with Summit Brokerage Services, Inc., Raymond James Financial Services, Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc.
Specifically, on May 14, 1997, a customer initiated investment related written complaint involving Noto’s conduct was settled for $13,757.85 in damages based upon allegations that Noto made an unsuitable investment recommendation to the customer concerning a municipal bond swap. Subsequently, on March 18, 2003, a customer filed a written complaint concerning Noto’s actions, in which the customer requested $16,697.00 in damages based upon allegations that Noto made poor investment recommendations concerning a variable annuity investment.
On May 8, 2006, another customer initiated investment related complaint regarding Noto’s conduct was resolved for $6,543.16 in damages based upon allegations that Noto’s recommendation for the customer to replace variable annuity contracts was unsuitable. Further, on December 21, 2008, another customer filed an investment related complaint regarding Noto’s conduct, based upon allegations that a variable annuity contract effected by Noto was unsuitable, and that Noto failed to conduct due diligence concerning the customer’s account.
Additionally, on December 2, 2010, a customer filed an investment related written complaint, in which the customer requested $46,500.00 in damages based upon allegations that Noto made unsuitable recommendations to the customer concerning a mutual fund portfolio. On December 7, 2015, another customer initiated investment related complaint concerning Noto’s actions was resolved for $7,000.00 in damages based upon allegations that Noto effected unsuitable variable annuity contracts.
Guiliano Law Group
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