10.0David P Neuman
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WARNING! Impending Investigation–SALVATORE GIOE, PHX FINANCIAL, and LEGEND SECURITIES

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19
Mar

WARNING! Impending Investigation–SALVATORE GIOE, PHX FINANCIAL, and LEGEND SECURITIES

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Salvatore Gioe, PHX Financial, and Legend Securities

Have you lost money with financial advisor Salvatore Gioe?  We are investigating allegations made by the Arkansas Securities Department against Salvatore Gioe, from New York, New York.  The Arkansas Securities Department recently suspended Gioe for one year for a failure to abide by a previous regulatory order.  Under a previous matter, Gioe was fined $15,000, including $10,000 upfront.  Gioe sent a $10,000 check to the Arkansas Securities Department, but the check bounced, and Gioe failed to replace the check.

The Arkansas Securities Department previously investigated Gioe in connection with a cold call made to an Arkansas investor regarding the stock of Uni-Pixel, Inc.  The investor was actually an employee for the Arkansas Securities Department.  Salvatore Gioe told the investor that he though Uni-Pixel was a “sure thing” and that it would experience a dramatic increase in price.  At the time of the call, Morningstar said that Uni-Pixel was distressed, which he failed to tell the investor.  Gioe was alleged that have misrepresented the risks of Uni-Pixel.

Salvatore Gioe was a financial advisor and registered representative of PHX Financial from October 2014 to December 2014, with Legend Securities from May 2014 to June 2014, and with Avenir Financial Group from January 2015 to the present.  He had been with a number of other firms prior to Legend Securities.  Gioe has been the subject of at least 12 customer complaints in the last ten years, where customers made allegations of unsuitable investments, excessive trading, churning, and unauthorized trading.

Brokerage firms like PHX Financial, Legend Securities, and Avenir Financial Group have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented hundreds of investors who have been defrauded by their financial advisor or stockbroker.  While we have offices in Denver and the Seattle area, we have also previously represented clients throughout the country.  If you have lost money with Salvatore Gioe, PHX Financial, Legend Securities, or Avenir Financial Group and want to hear about ALL legal options, please visit https://www.israelsneuman.com and go to our CONTACT page or call us at 720-599-3505.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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