Sonn Law Group is investigating claims regarding Phil G. Fiore Jr. (CRD #2547584, Bridgewater, Connecticut). Fiore recently submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 30 days. See FINRA Case #2012033348001.
Fiore has been registered with UBS Financial Services, Inc., since April 2009. Fiore previously was registered with Merrill Lynch, Pierce, Fenner & Smith, Inc. (November 2005-May 2009).
FINRA found that in 2008, Fiore engaged in an outside business activity without providing written notice to Merrill Lynch. FINRA found that Fiore provided business consulting services to an electric utility company and also arranged for a customer of his member firm to loan that utility company $800,000. Fiore received shares of stock in the utility company as a result of his efforts, according to FINRA. In entering into the AWC, Fiore neither admitted nor denied FINRA’s findings.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Merrill Lynch or UBS may be liable for investment or other losses suffered by Fiore’s customers.
If you were a client of Merrill Lynch, Wells Fargo, or Fiore, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at (305) 912-3000 or complete our contact form.