Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on December 20, 2017 indicate that former New York-based Wells Fargo Clearing Services broker/adviser Joseph Abbate has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Abbate (CRD# 2581698).
Joseph Abbate has spent 22 years in the securities industry and was most recently registered with Wells Fargo Clearing Services in Garden City, New York. He was previously registered with Prudential Securities Incorporated in New York, New York (1995-2003). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on July 17, 1995, and Series 7 (General Securities Representative Examination), which he obtained on June 20, 1995. He is currently not registered with any state or firm.
According to his BrokerCheck report, Joseph Abbate has received two customer complaints and one FINRA sanction, and was discharged from his former employer.
In December 2017 FINRA sanctioned him following allegations he participated in discretionary trading in five client accounts when he placed roughly 100 transactions without first communicating with the clients about each transaction in question. FINRA found that though he’d received oral permission to use discretion, he had not received prior written authorization from the customers or his firm’s acceptance of the accounts as discretionary. He was issued a fine of $5,000 and a 20-day suspension from association with any FINRA member in any capacity.
In August 2017 he was terminated from his position at Wells Fargo Clearing Services following allegations he provided the firm with inaccurate information during its handling of a customer complaint.
In 2015 a customer alleged Joseph Abbate, while employed at Wells Fargo Advisors, executed unauthorized purchases and failed to disclose commissions. The complaint settled in 2016 for $22,500.
In 2000 a customer alleged Joseph Abbate, while employed at Prudential Securities, executed unauthorized trades, churned accounts, and breached his fiduciary duty by incurring “excessive” margin debt. The complaint settled for $90,000.
If you or someone you know has complaints regarding Joseph Abbate, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.