Donald Anthony Devito II, of Albany, New York, a stockbroker formerly registered with Wells Fargo Advisors, has been subject of a customer initiated investment related written complaint, which settled for $50,000.00 in damages on November 14, 2017, based upon allegations of excessive fees having been assessed on the customer’s equity transactions between December 31, 2008 and December 31, 2015.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Devito has been referenced in nine customer initiated investment related disputes relating to accusations of Devito’s misconduct during the time that he was registered with Wells Fargo and Morgan Stanley. In particular, a customer initiated investment related arbitration claim involving Devito’s conduct was settled for $155,000.00 in damages based upon allegations of unsuitable investment recommendations, breach of contract, churning, and fraud in reference to equity transactions executed in the customer’s account. National Association of Securities Dealers (NASD) Arbitration No. 01-06468 (Nov. 18, 2002).
Thereafter, on February 3, 2003, a customer filed an investment related written complaint involving Devito’s conduct, alleging that Devito made inappropriate over-the-counter equities recommendations. On May 9, 2005, another customer filed an investment related written complaint regarding Devito’s activities, in which the customer requested $48,000.00 in damages based upon allegations that Devito effected unsuitable equities transactions in the customer’s account.
Subsequently, on November 10, 2014, a customer filed an investment related written complaint regarding Devito’s activities, where the customer sought $30,600.00 in damages supported by accusations that Devito charged the customer with excessive commissions in relation to a short-term over-the-counter equity trading strategy. Devito is also the subject of a customer initiated investment related arbitration claim that settled on October 27, 2016 for $7,046.40 in damages founded upon allegations of excessive fees having been assessed on the customer’s stock trades from January 1, 2014 to July 21, 2016.
Additionally, a customer initiated investment related arbitration claim pertaining to Devito’s conduct was settled for $55,000.00 in damages based upon allegations that unsuitable investment transactions were executed by Devito in the customer’s account between September 30, 2014 and June 30, 2016. FINRA Arbitration No. 16-02968 (Jan. 31, 2017). Then, on April 20, 2017, a customer initiated investment related written complaint relating to Devito’s activities was resolved for $90,000.00 in damages founded on allegations that between February 28, 2011 and September 2, 2016, Devito effected trades in the customer’s account that were excessive and unsuitable, and failed to inform the customer about Devito’s trading in the customer’s individual retirement account.
On May 17, 2017, another customer initiated investment related written complaint regarding Devito’s activities was resolved for $300,000.00 in damages based upon allegations that from November 21, 2013 to December 12, 2016, stock trades were placed in the customer’s account without the customer’s consent. Then, on May 30, 2017, a customer filed an investment related written complaint involving Devito’s conduct, alleging that Devito made unsuitable over-the-counter equity recommendations and churned the customer’s investment portfolio between July 31, 2012 and September 30, 2016.
Wells Fargo Advisors fired Devito on December 12, 2016, based upon allegation of his excessive trading in customer accounts.
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