John Cimino’s Shocking Scandal Exposed by Haselkorn & Thibaut

Investors entrust their hard-earned money to financial advisors, expecting them to make sound and suitable investment decisions. However, when this trust is broken, it can lead to significant financial losses and emotional distress. One such case is currently under investigation by Haselkorn & Thibaut, a national investment fraud law firm, involving a financial advisor, John Cimino, and his former employer, Wells Fargo Advisors Financial Network, LLC, and current employer, American Global Wealth Management, Inc.

Allegation’s Seriousness and Case Information

The seriousness of this allegation cannot be overstated. The claimant alleges that around December 2017, her mother’s financial advisor, John Cimino, made unsuitable investments with her Wells Fargo accounts. This resulted in a substantial loss of $648,745. The case, numbered 23-02456, is currently pending and has been filed with the Financial Industry Regulatory Authority (FINRA), under case number N1010NN.

The advisor, John Cimino, is currently registered with American Global Wealth Management, Inc, having left Wells Fargo Advisors Financial Network, LLC on 9/13/2023. His alleged misconduct involves variable annuities, a complex financial product that is not suitable for all investors.

Explanation in Simple Terms and the FINRA Rule

In simple terms, the claimant alleges that John Cimino made investments that were not suitable for her mother’s financial situation and objectives. This is a violation of FINRA Rule 2111, which requires that a firm or associated person have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer.

Failure to comply with this rule can lead to disciplinary actions by FINRA, including fines and suspension or expulsion from the securities industry. It can also lead to civil liability for the advisor and the firm, as they can be held responsible for the investor’s losses.

Why It Matters for Investors

This case serves as a reminder of the potential risks involved in entrusting your investments to a financial advisor. Investors should be aware of the possibility of unsuitable investments and the significant financial losses that can result.

Moreover, it underscores the importance of monitoring your investments and understanding the nature and risks of the financial products recommended by your advisor. If you believe that your advisor has made unsuitable investments, it is crucial to take action promptly to protect your rights and recover your losses.

Red Flags for Financial Advisor Malpractice and How Investors Can Recover Losses

There are several red flags that may indicate financial advisor malpractice, including frequent and unnecessary trading, overconcentration in a single investment or type of investment, and recommending unsuitable or risky investments without proper disclosure of the risks.

If you suspect that your financial advisor has acted improperly, it is essential to consult with an experienced investment fraud attorney. Haselkorn & Thibaut offers free consultations and operates on a “No Recovery, No Fee” policy, meaning you will not pay any fees unless they recover your losses. They have over 50 years of experience and a 98% success rate in recovering losses for investors through FINRA Arbitration.

You can contact them at their toll-free number, 1-800-856-3352, for a free consultation. With offices in Florida, New York, North Carolina, Arizona, and Texas, they are well-positioned to assist investors nationwide.

Remember, the sooner you act, the better your chances of recovering your losses. Don’t let financial advisor malpractice go unchecked.

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