FINRA Bars Robert Silvestri after Allegations of Loan from Customer
According to public records, FINRA, the self-regulator that oversees brokers and brokerage firms, has reportedly barred financial advisor Robert A Silvestri (CRD#: 2037669).
Silvestri reportedly refused to appear for on-the-record testimony requested by FINRA in connection to its investigation into whether he borrowed funds from a customer.
According to his broker report, Aegis Capital Corp discharged Silvestri in July 2023 after the “Firm determined that Mr. Silvestri did in fact borrow funds from a client without the Firm’s knowledge, consent or approval.”
Borrowing from Customers
FINRA Rule 3240 states that stockbrokers may only borrow from or lend to a customer if their firm has a policy in place allowing this type of financial arrangement. However, most brokerage firms generally prohibit the practice.
Such loans have the potential for abuse of customers, especially older investors. This action of borrowing or lending money from customers can create a conflict of interest and can also be seen as unethical. This can also cause harm to the relationship between customer and client which can then lead to legal and financial issues. Maintaining a professional relationship with customers is imperative and violating that trust tends to hard reputations of companies or small businesses.
FINRA BrokerCheck Report – Robert Silvestri
According to this FINRA BrokerCheck report, Robert Silvestri was affiliated with the following firms during his career, among others:
01/11/2023 – 07/25/2023, AEGIS CAPITAL CORP. (CRD#:15007), DALLAS, TX,
B, 09/17/2018 – 12/01/2022, LEVEL FOUR FINANCIAL, LLC (CRD#:25700), Allen, TX
B, 06/09/2010 – 10/09/2018, MORGAN STANLEY (CRD#:149777), DALLAS, TX
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
FINRA BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
Robert Silvestri reportedly has two customer complaints on is broker record, and two employment separations.
Potential FINRA Claims
If you have suffered investment losses, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their fraud losses. For more information, please visit our website, www.whitesecuritieslaw.com.
Tags: Aegis, broker investigation, Level Four, Robert Silvestri Last modified: November 29, 2023