DID STEVEN MACLEN BONAVITA CAUSE YOU INVESTMENT LOSSES?
Steven Bonavita Of Wells Fargo Clearing Services And Formerly With PNC Investments Has 4 Customer Complaints For Alleged Broker Misconduct
Who is Steven Bonavita of Wells Fargo Clearing Services?
Steven Bonavita (CRD #3090778) who is currently registered with Wells Fargo Clearing Services and located in Washington, District of Columbia is a subject of one of our many securities industry sales practice abuse investigations. Prior to Wells Fargo Clearing Services, Steven Bonavita was associated with PNC Investments and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
Steven Bonavita Customer Complaints
Steven Bonavita has been the subject of 4 customer complaints that we know about. Three of Steven Bonavita’s 4 customer complaints were settled in favor of investors. One of Steven Bonavita’s customers’ complaints was denied and, to date, the customers have not taken any further action.
Allegations Against Steven Bonavita
A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:
- Client alleged Steven Bonavita made investments without authorization, invested in products which contravene the investment objectives of the account and charged fees that were too high.
- The firm received a verbal complaint from the clients stating that the first trust municipal income plus closed end portfolio series 10 UIT was not an appropriate investment and that the client did not receive sufficient information at the time of purchase. Steven Bonavita allegedly failed to follow the firm’s policies and procedures by failing to deliver a full prospectus to the client. Because of this the complaint was found to have merit, the original purchase was reversed.
- The firm received a verbal complaint from the client stating that the First Trust Municipal Income Plus Closed End Portfolio Series 13 UIT was not an appropriate investment and that the client did not receive sufficient information at the time of purchase. The client stated he did not understand that the fund could lose value. Steven Bonavita allegedly failed to follow the firm’s policies and procedures by failing to deliver a full prospectus to the client. Because of this the complaint was found to have merit, the original purchase was reversed.
- Customer has claimed that Steven Bonavita allegedly did not fully disclose the possibility he could suffer a loss from this investment or that there was a surrender charge associated with the product if closed prior to the end of the penalty period.
Steven Bonavita Red Flags & Your Rights As An Investor
Of course, Steven Bonavita did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Steven Bonavita at Wells Fargo Clearing Services and PNC Investments on alert to review carefully the activity and performance of their accounts and question whether Steven Bonavita has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Wells Fargo Clearing Services and PNC Investments also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At Wells Fargo Clearing Services Due To Steven Bonavita
If you have questions about Wells Fargo Clearing Services, PNC Investments, and/or Steven Bonavita and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.