Did you lose money investing with Raymond James Financial Services, Inc. financial advisor George Puliafico (CRD# 1158596)? Puliafico has been registered with Raymond James Financial Services, Inc. in Walpole, Massachusetts since 1999.
According to his CRD, Puliafico allegedly sold Master Limited Partnerships (MLPs) and exposed his clients to sector concentration. MLPs are limited partnerships that are publicly traded and combine the tax benefits of a limited partnership with the liquidity of publicly traded securities. MLPs are offered in two classes: limited partners and general partners. Limited partners are comprised of investors who purchase units in the MLP to provide the capital for the operation and receive income distributions from the MLP’s cash flow. On the other hand, general partners manage the day-to-day operation of the MLP and receive compensation based on the MLP’s performance. Many financial advisors recommended MLPs to elderly and retired investors seeking income during their retirement years and often represented these investments as bond alternatives. They were not. Regrettably, many investors have only learned the true risks associated with MLPs and MLP funds after they sustained massive losses.
Puliafico has been the subject of one customer complaints, according to his CRD report:
April 2018. “Negligence, Breach of Fiduciary Duty, Negligent Supervision & Breach of Contract.” The customer is seeking $2 million in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James Financial Services, Inc. may be liable for investment or other losses suffered by George Puliafico’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.