John Sommo, UBS Financial Services, Barred after allegations of unsuitable investments
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred John Anthony Sommo (CRD#: 3141638) from acting as a broker after allegations of unsuitable investments and overconcentration in the MLP energy sector.
On April 4, 2022, Sommo was reportedly barred from association with any FINRA member in all capacities after he allegedly failed to request termination of his suspension within three months of the date of the Notice of Suspension.
Sommo’s broker record indicates he was affiliated with the following firms during his career:
05/08/2009 – 10/02/2020, UBS FINANCIAL SERVICES INC. (CRD#:8174), NEW HAVEN, CT,
B, 07/01/2003 – 05/12/2009, WELLS FARGO ADVISORS, LLC (CRD#:19616), HAMDEN, CT
According to his FINRA broker profile, Sommo has four customer complaints filed against him.
Before recommending an investment, financial advisors are required by FINRA Rule 2111 to ensure that the recommendation is suitable for that customer based on several important factors including tax status.
Suitability refers to an investment adviser or broker-dealer’s obligation to only recommend investments for customers that are appropriate for that particular customer.
FINRA Rule 2111 states that a brokerage firm or an investment adviser must “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.”
Potential Lawsuits to Recover Investment Losses
The White Law Group is investigating potential securities fraud claims regarding the liability that John Sommo’s employers may have for failure to properly supervise him.
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
We represent investors in FINRA arbitration claims in all 50 states including Connecticut. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with John Sommo and UBS Financial, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
To learn more about our recent claims involving unsuitable investments, please see:broker John Sommo, FINRA arbitration, John Sommo, John Sommo complaints, John Sommo CT, John Sommo financial advisor, John Sommo FINRA, John Sommo investigation, John Sommo lawsuit, John Sommo New Haven, John Sommo UBS financial, securities fraud attorney Last modified: November 21, 2022