Erez Law is interested in speaking with investors who may have suffered losses due to investments with MML Investors Services, LLC broker Salvatore Bonetti (CRD# 4494241) regarding stock losses. He has been registered with Purshe Kaplan Sterling Investments in Windham, Maine, since 2021, and Insight Folios in Charlotte, North Carolina, and Windham, Maine, since 2021. He was registered with MML Investors Services, LLC in Falmouth, Maine, from 2017 to 2021, Baystate Wealth Management in Falmouth, Maine, from 2015 to 2020, MSI Financial Services, Inc. in Falmouth, Maine, from 2015 to 2017, and Morgan Stanley in Portland, Maine, from 2009 to 2015, when he was terminated regarding, “at termination, the firm was conducting a review related to the accuracy of client contact information entered in the firm’s records by the registered representative.”
In June 2016, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and he was suspended for 30 days. FINRA alleges that he “consented to the sanctions and to the entry of findings that he altered his member firm’s records of the telephone numbers of firm customers owning securities accounts that he serviced, and his actions could have prevented or delayed competing registered representatives at the firm from being able to contact these customers. The findings stated that by altering the telephone numbers of the firm’s customers, Bonetti caused the firm’s books and records to be inaccurate, and he acted without the authorization of the affected customers or the firm.”
In October 2017, the Office of Insurance and Safely Fire Commissioner State of Georgia entered into a consent order with the broker after they found that he “had been involved in a FINRA administrative proceeding which was grounds for administrative action.”
Salvatore Bonetti Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
August 2024. “The complainant alleges that beginning in 2020, the producer recommended that he invest in aggressive stocks despite the complainant being a conservative investor. The complainant alleges to have been financially harmed as a result of this advice.” The customer sought $130,000 in damages, and the case was settled for $100,000. The complaints was regarding common and preferred stocks, and it took place while he was registered with MML Investors Services, LLC.
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, MML Investors Services, LLC may be liable for investment or other losses suffered by Salvatore Bonetti’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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