Vito Balsamo – Broker – Unapproved Private Securities Transactions
Vito Balsamo Allegedly Engaged in Private Securities Transactions without Proper Prior Written Approval from National Securities
Vito Balsamo allegedly engaged in private securities transactions without adequate proper written approval from National Securities, according to a Complaint from FINRA’s Department of Enforcement. Precisely, the Complaint further alleges, Balsamo allegedly sold ownership interests into a company called V.W. Industries (VWI) to three customers in 2010 totaling approximately $475,000.
Balsamo, registered at National Securities Corporation from April 30, 2008, through on or about February 16, 2012, Balsamo received an ownership interest in VWI based on his ability to raise capital, according to the aforementioned Complaint. In addition, Balsamo received an ownership interest in VWI.
Vito Balsamo Allegedly Made Misrepresentations on Compliance Questionnaire, Violated NASD and FINRA Rules
In response to the question, “Have you personally taken part in/participated or been involved in any capacity in any private securities transaction during this quarter?” Vito Balsamo falsely answered, “No”, according to the FINRA Complaint.
By participating in private securities transaction without first obtaining written approval, and making misrepresentations to his member firm in connection with his private securities transactions, Vito Balsamo allegedly violated NASD and FINRA Rules.
FINRA is asking that Balsamo bear the costs of proceeding as are deemed fair and appropriate under the circumstances in accordance with FINRA Rules.
The Peiffer Wolf Carr & Kane Investor Rights Lawyers Investigating
The Peiffer Wolf Carr & Kane securities 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 securities 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.