Perry Abbonizio Investigated—Unauthorized Private Placement Sales Charges

investment fraud attorneyPerry 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.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.