John Anthony Sommo, Formerly of UBS Financial Services, Barred by FINRA Following Refusal to Respond to FINRA Requests for Information

INVESTORS: Former UBS Financial Services broker John Anthony Sommo was barred after he failed to respond to FINRA requests for information.

John Anthony Sommo (CRD: 3141638) was registered as a broker with UBS Financial Services from 2009 until 2020. Sommo was previously registered as a broker with Wells Fargo from 2003 until 2009. 

Sommo has five disclosures on his BrokerCheck report. One customer dispute filed against Sommo was denied.

July 2022 Customer Dispute

Status: Pending

Allegations: Time frame: September 2015 to September 2020 Allegations: Claimants’ counsel alleges unsuitability and overconcentration of certain investments, and that such investments resulted in principal losses. Claimants’ counsel further alleges misrepresentation and unauthorized trading with respect to the handling of Claimants’ investment accounts.

December 2021 Regulatory Judgment

Status: Final

Initiated By: FINRA

Allegations: Respondent Sommo failed to respond to FINRA requests for information.

Resolution: Letter

Bar: Bar (Permanent)

Registration Capacities Affected: All Capacities

Duration: Indefinite

Start Date: 4/4/2022

Regulator Statement: Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated December 31, 2021 and January 24, 2022, respectively, on April 4, 2022, Sommo is barred from association with any FINRA member in all capacities. Sommo failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

September 2020 Customer Dispute

Status: Settled

Allegations: Time Frame: December 2, 2015 to January 31, 2020 What were the allegations against the individual? The client alleges she was placed in unsuitable securities and was overconcentrated in the MLP energy sector. The alleged damages are estimated to be in excess of $5,000.00

Damage Amount Requested: $30,000.00

April 2008 Customer Dispute

Status: Settled

Allegations: The complaint arose out of the sale of an ARS that was made prior to the widespread illiquidity in the ARS market that occurred in February 2008.

Damage Amount Requested: $25,000.00

Broker Comment: This matter involves the sale of auction rate securities (ARS). The transaction(s) at issue took place before mid-February 2008, when the ARS market suffered widespread auction failures and illiquidity. The financial advisor did not cause, contribute, or have any control whatsoever over these market events. The firm reached an agreement with certain of its regulators, pursuant to which it repurchased ARS for their full par value from certain clients, including the instant client, whether they complaint or not. The financial advisor was not a party to that agreement, did not make any payments to the client, and was not asked to and did not contribute to the repurchase amount. The settlement amount in Item 11 above reflects the par value of the repurchased ARS, as required by FINRA Regulator Notice 09-12. 

The Sonn Law Group is currently investigating allegations surrounding John Anthony Sommo. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.