Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on October 21, 2016 indicate that Michigan-based InvestShares broker/adviser Bassam Salem has been the subject of resolved or pending customer disputes. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Salem (CRD# 1574433).
Bassam Salem has spent 29 years in the securities industry and has been registered with InvestShares in Troy, Michigan since September 2016. Previous registrations include Wunderlich Securities in Birmingham, Michigan; UBS Financial Services in Farmington Hills, Michigan; Prudential Securities in New York, New York; and First Heritage Corporation. He is currently not registered with any state or firm.
According to his BrokerCheck report, Bassam Salem has received one customer complaint and one pending customer complaint.
In April 2016 a customer alleged Bassam Salem, while employed at Wunderlich Securities, made unsuitable recommendations, failed to supervise, breached his fiduciary duty, and executed unauthorized trades. The customer is seeking $281,000 in damages in the pending complaint.
In 2009 a customer alleged Bassam Salem, while employed at UBS Financial Services, recommended unsuitable stocks and failed to diversify the account to minimize risk. The complaint settled in 2010 for $92,500.
Concentration (or “failure to diversify”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Bassam Salem, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recover lost funds. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.