Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on December 12, 2016 indicate that Florida-based Southern Trust Securities broker Robert Escobio has been the subject of customer disputes and regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Escobio (CRD# 703813).
Robert Escobio has spent 36 years in the securities industry and has been registered with Southern Trust Securities in Miami, Florida since 2000. Previous registrations include Brill Securities in New York, New York; Cardinal Capital Management, which has been expelled from FINRA, in Miami, Florida; Smith Barney in New York, New York; Dean Witter Reynolds; Painewebber; and Bache Halsey Stuart Shields. He is a registered broker with four US states: Connecticut, Florida, Kentucky, and Massachusetts.
According to his BrokerCheck report, Robert Escobio has been the subject of four customer complaints, two regulatory complaints, and one civil action.
In 2016 the Florida Office of Financial Regulation denied Robert Escobio’s investment adviser registration “due to NFA’s decision for violating commodity rules.” He agreed not to register as an investment adviser for one year.
In 2014 the US Commodity Futures Trading Commission found that Robert Escobio participated in the operation of “a scheme in which [the] defendants defrauded retail customers in connection with illegal, off-exchange, financed precious metals transactions” and in which the defendants “received more than $2.6 million from at least 135 customers who collectively lost at least $600,000 in connection with this scheme.” He was ordered to pay restitution totaling $2,103,617.
In 2013 the National Futures Association found that Robert Escobio following allegations he “employed a company to act as an unregistered futures commission merchant (FCM) and then attempted to conceal this activity by a series of money transfers from the company to its foreign affiliate to another foreign company to a registered FCM.” He was issued a fine of $50,000 and agreed not to serve in a principal capacity for three years.
In 2004 a customer alleged he, while employed at Capital Investment Services, churned the account, made unsuitable recommendations, executed unauthorized trades, and failed to recommend a diversified portfolio. The complaint settled in 2006 for $30,000.
If you have lost money investing with Robert Escobio, you may be able to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.