Stoltmann Law Offices is investigating former Pointe Capital investment advisor Salvatore Pizzimenti for securities violations. Pizzimenti is accused of churning and excessive trading in customer accounts, making unsuitable investment recommendations, unauthorized trading, breaching fiduciary duty and fraud, among other claims. In 2013, Pizzimenti was accused of causing $500,000 in damages, and in August 2012, another customer accused Pizzimenti of recommending a high risk private placement and charged excessive fees causing $1 million in damages. Recommending and selling private placements is also referred to as “selling away” in the securities industry and against rules and regulations. It is when a broker sells a security that is not held or offered by his member firm. It is used to garner large commissions for the broker. A broker must have a reasonable basis for recommending a security or product based on the client’s age, net worth, investment objectives and investment sophistication. If he does not, his firm can be held liable for customer investment losses.
Pizzimenti was registered with Salomon Grey Financial Corporation in Dallas, Texas from November 2004 until September 2005, Great Eastern Securities in New York, New York from September 2005 until January 2007, Pointe Capital in New York from January 2007 until January 2009, National Securities Corp in New York from January 2009 until February 2010 and J.P. Turner & Co. in New York from February 2010 until August 2011. He is currently registered with Legend Securities in New York and has been since August 2011. He has four customer disputes against him.
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