Did you lose money investing with Tony Tolene (CRD# 5730068)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Tony Tolene. If you suffered losses investing with Tony Tolene, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of October 21, 2020, Tony Tolene’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
1 Customer Dispute(s)
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 10/21/2020: According to FINRA’s January 2019 Disciplinary Actions: “Tony Alan Tolene (CRD #5730068, Harrisburg, Pennsylvania) November 27, 2018 – An AWC was issued in which Tolene was fined $4,000 and suspended from association with any FINRA member in all capacities for 45 days. Without admitting or denying the findings, Tolene consented to the sanctions and to the entry of findings that he falsely marked order tickets for solicited trades in customer accounts as unsolicited, causing his member firm to maintain inaccurate books and records. The findings stated that Tolene falsely represented on a firm annual compliance certification form that he had not solicited any firm customers to purchase low-priced or unlisted securities. The suspension is in effect from December 17, 2018, through January 30, 2019. (FINRA Case #2016051834101)”
Current and Previous Registrations
10/19/2016 – PRESENT INFINITY FINANCIAL SERVICES (CRD#:144302) HARRISBURG, PA
12/18/2013 – 10/25/2016 LPL FINANCIAL LLC (CRD#:6413) MECHANICSBURG, PA
09/13/2012 – 01/14/2014 PNC INVESTMENTS (CRD#:129052) ENOLA, PA
10/05/2011 – 09/05/2012 CHASE INVESTMENT SERVICES CORP. (CRD#:25574) NEW YORK, NY
01/01/2010 – 09/09/2011 DAVID LERNER ASSOCIATES, INC. (CRD#:5397) TEANECK, NJ
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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