Vincent Michael Bruno of New York New York a stockbroker currently employed by Spencer Winston Securities Corporation is referenced in a customer initiated investment related arbitration claim in which the customer sought damages estimated to exceed $5,000.00 based upon allegations of (1) negligence (2) breach of contract and (3) breach of fiduciary duty pertaining to investment transactions effected in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01538 (Aug. 24, 2017).
FINRA Public Disclosure reveals that Bruno has been identified in two additional customer initiated investment related disputes containing accusations of his violative conduct while employed with GKN Securities Corp. Specifically, a customer initiated investment related civil action involving Bruno’s activities was resolved for $32,500.00 in damages founded on allegations that misrepresentations had been made to the customer, over-the-counter equities transactions were placed in the customer’s account that were not suitable for the customer, and fiduciary duties owed to the customer had been breached. Civil Action No. 97-CIV-8898 HB (Mar. 1, 1998).
Then, a customer initiated investment related arbitration claim concerning Bruno’s activities was settled for $10,000.00 in damages supported by accusations that the customer’s account was negligently serviced, fiduciary obligations had been breached, inappropriate stock transactions were placed in the customer’s account, and the customer had been defrauded. National Association of Securities Dealers (NASD) Arbitration No. 99-02001 (Sept. 23, 2002).
Moreover, Bruno has been referenced in three regulatory actions which have alleged Bruno to have committed misconduct in the securities industry. Specifically, Bruno was fined $30,000.00 and suspended from associating with any NASD member in any capacity based upon Bruno’s consent to findings that he charged excessive markups on securities transactions and failed to supervise the firm’s business practices to ensure against unfair commissions being charged to customers by registered representatives; conduct violative of NASD Conduct Rules 3010, 2440 and 2110. Letter of Acceptance Waiver and Consent No. C10970168 (Aug. 13, 1997).
Thereafter, Bruno was fined $10,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that while in the capacity of Chief Compliance Officer, Bruno failed to supervise private offering solicitations in violation of NASD Conduct Rule 2110 and 3010. Letter of Acceptance Waiver and Consent No. 2009018771701 (Jan. 12, 2011).
Further, Bruno was fined $50,000.00 and suspended by FINRA for three months according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that Bruno, inter alia: failed to ensure compliance with federal securities laws and FINRA Rules relating to the supervision of private securities transactions and reporting of customer complaints, violating FINRA Rules 2010, 3110 and NASD Conduct Rule 2110; and failed to undertake adequate steps to procure suitability information for twenty-three variable annuity sales and ensure that registered representatives were reasonably trained on variable annuities, violating FINRA Rules 2010 and NASD Conduct Rules 2110 and 2821. Department of Enforcement v. Vincent M. Bruno, Disciplinary Proceeding No. 2009016230601 (Aug. 29, 2012).
Bruno also has been associated with sixteen firms in the last 25 years.
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