Sonn Law Group is investigating claims regarding Robert John Versaggi (CRD #1520072, Boca Raton, Florida). Versaggi recently submitted an AWC in which he was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for 30 days. See FINRA Case #2014042078001. Versaggi was associated with Wells Fargo Advisors, LLC, from January 2008 until his termination in July 2014. The Form U-5 filed by Wells Fargo to terminate Versaggi’s registration with the firm states “entered into an agreement with a client, which was not previously disclosed to or approved by the firm, in which Mr. Versaggi coordinated certain work on the client’s home in exchange for a fee.”
FINRA found that Versaggi engaged in an undisclosed outside business activity by managing the remodeling of a home for his member firm’s customer. FINRA found that the customer paid $70,000 to a company, jointly owned by Versaggi and two family members, for the remodeling work. Wells Fargo’s written supervisory procedures required that associates complete an outside activity approval form and submit it to the firm for approval. FINRA found Versaggi completed and submitted this form for his company in which he described the outside business as a family company for purchase of a vacation property. Versaggi failed to provide written notice to Wells Fargo of the expanded scope of the company’s business activities, including the renovation of a customer’s property for compensation, according to FINRA. In entering into the AWC, Versaggi neither admitted nor denied FINRA’s allegations.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. herefore, Wells Fargo may be liable for investment or other losses suffered by Versaggi’s customers.
If you were a client of Robert Versaggi or Wells Fargo Advisors, LLC, and have suffered investment losses or financial irregularities, 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.”