Perry Abbonizio Investigated—Unauthorized Private Placement Sales Charges
Perry Stephen Abbonizio Engaged in Unauthorized Sales of Private Placements, Allegedly
Perry Stephen Abbonizio, a former General Securities Rep with Wells Fargo Advisors, LLC (WFA), allegedly participated in private securities transactions from March 2008 through in or about April 20 by soliciting approximately ten WFA customers to invest in three private placements, but without providing notice to WFA, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
What is more, Abbonizio allegedly engaged in an outside business activity by referring individuals who were hired by a company involved in the private placements and receiving compensation from the company in the form of shares, and without providing notice to WFA, according to the AWC.
Abbonizio, While Associated with Wells Fargo, Allegedly Solicited Customers to Invest About $625,000 in Three Private Placements Without His Firm’s Knowledge or Permission
March 2008 through in or about April 20, and while still at WFA, Abbonizio allegedly solicited approximately ten WFA customers to invest approximately $625,000 in three private placements, according to the AWC.
Abbonizio allegedly participated in these private securities transactions without WFA’s knowledge or permission, the AWC further reports, WFA policies and procedures prohibited reps from soliciting customers to participate in any private securities transaction not associated with the firm. The AWC also notes that NASD and FINRA Rules prohibit an associated person from “participat[ing] in any manner in a private securities transaction” unless, prior to participating in the transaction, the associated person provides “written notice to the member with which he is associated.”
Hence, as Abbonizio violated NASD and FIRNA Rules he has been fined $10,000, and received a four-month suspension from association with any FINRA member in any capacity, the AWC also reports.
The Peiffer Wolf Carr & Kane Investment Recovery Lawyers Often Represent Investors
The Peiffer Wolf Carr & Kane investment recovery lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investment recovery lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.