Sonn Law Group is investigating claims regarding Perry Stephen Abbonizio (CRD #2787112, Worcester, Pennsylvania). Abbonizio recently submitted an AWC in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for four months. See FINRA Case #2011028152201. The suspension is in effect from March 2, 2015, through July 1, 2015. Abbonizio was associated with Oppenheimer & Co. (April 2011-January 2015) and Wells Fargo Advisors, LLC (March 2008-April 2011).
FINRA found that Abbonizio participated in private securities transactions by soliciting customers of Wells Fargo to invest in private placements, without the firm’s knowledge or permission. The findings stated that Abbonizio engaged in an outside business activity by referring individuals who were hired by a company, involved in the private placements, and receiving compensation from the company, in the form of shares, without providing notice to Wells Fargo. During the investigation, Abbonizio voluntarily terminated his employment with Wells Fargo and commenced employment with Oppenheimer. In entering into the AWC, Abbonizio neither admitted nor denied FINRA’s findings.
FINRA Rule 3280, formerly NASD Rule 3040, provides that a broker may only sell securities with the knowledge and approval of his or her firm. When a broker sells securities without processing the order through the firm and without the firm’s permission or knowledge, this violates FINRA rules and is known as “selling away.” Federal and state law define securities broadly. Therefore, even products such as leasing arrangements or promissory notes, may be securities which require firm approval. Selling away often involves investment securities that are in the form of a private placement or other non-public investment.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Oppenheimer or Wells Fargo, may be liable for investment or other losses suffered by Abbonizio’s customers.
If you were a client of Oppenheimer, Wells Fargo or Abbonizio, and have suffered investment losses or financial irregularities or invested in promissory notes or limited partnership agreements, please contact Sonn Law Group to explore your legal options, Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”