Broker Investigation: George Puliafico

George Puliafico (CRD#: 1158596) has been a broker registered with Raymond James Financial Services, Inc, in Walpole, MA since 1999. Puliafico’s CRD shows a pending customer complaint claiming $2 million in damages regarding account activity that is suspect of sector concentration in master limited partnerships (MLPs).

In addition, the complaint alleges negligence, breach of fiduciary duty, negligent supervision and breach of contract.

Sector Concentration Increases Risk

The concentration of portfolio assets into one sector is a risky practice. FINRA addresses concentration risk as, “the risk of amplified losses that may occur from having a large portion of your holdings in a particular investment, asset class or market segment relative to your overall portfolio.” If Puliafico was, in fact, over-concentrating customer accounts in MLP’s, he was subjecting them to increased risk.

Negligence in these types of complaints can not only apply to the broker, but also to the registered broker firm. Financial advisors have a duty to act in the best interests of their clients, and firms have the duty to oversee and supervise their brokers. The negligent supervision claim may also place liability on Raymond James Financial Services.

Let Our Top-Rated Investment Fraud Attorneys Help You

At Sonn Law Group, our legal team is ready to fight for your financial rights. Contact us today if you suspect you have suffered losses as a result of negligent broker practices.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.

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