According to the the South Florida Business Journal, the Financial Industry Regulatory Industry (FINRA) has suspended former Wall street Money Center Corp President and CEO, Peter Bruno, over allegations of false advertisement. FINRA accused Bruno of marketing his services through allegedly misleading sales brochures and newsletters that purportedly did not comply with industry standards. He was reportedly fined $20,000 and suspended for 3 months.
In addition, Bruno is accused of making unsuitable investment recommendations. According to FINRA, Bruno allegedly received $300,000 from a client who wanted to preserve capital and invest conservatively. The client, who reportedly turned over more than half of his liquid net worth to Bruno, apparently planned on using the investments as a source on income. However, the clients funds were allegedly used to purchase a bond fund that was inconsistent with his objectives. Even after the client allegedly told Bruno to stop trading on his account, Bruno allegedly purchased a second bond fund that was subject to high interest rate risks.
According to Broker Check Report, Peter Bruno was an investment adviser representative for Wall Street Money Center Corp. from 03/1989 through 07/2013.
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