The Illinois based former broker Victor A. Rigoni III, was the subject of a several customer disputes on the allegations of the broker recommending unsuitable investments, breach of contract, and fraud, among others, according to an investigation by investor rights lawyer, Alan Rosca.
Investor rights lawyer Alan Rosca of the Rosca Scarlato LLC law firm is investigating conduct related to the customer disputes instituted involving Victor Rigoni. Concerned investors are encouraged to contact attorney Rosca toll free at 888-998-0530, or via email at arosca@rscounsel.law. Rigoni investors may also leave a message though the contact form on this page.
Most recently, Victor A. Rigoni III was registered with Cetera Advisor Networks LLC, a financial industry regulatory authority (FINRA) member firm. Rigoni has been registered with the firm since September 2019. Prior to joining Cetera, between November 2010 and September 2019, former broker Victor Rigoni was registered with Summit Brokerage Services, in Lake Forest, Illinois.
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Victor Rigoni Was the Subject of Several Customer Disputes
The Rosca Scarlato investor rights lawyers reviewed publicly available information and found that Victor A. Rigoni III was involved in five customer disputes that settled as of the date of this article, as reported on his FINRA brokercheck page.
In a dispute involving the broker filed in November 2019, the client alleges breach of contract and unsuitable investment recommendations. The client was seeking to recover $99,000 in damages, and in November 2020 the client agreed to a $18,000 settlement.
Generally speaking, unsuitable investment recommendations could be investment recommendations that are generally not safe for any investor or investment recommendations that do not meet the specific investment needs of the investors. The broker could do more due diligence to ensure the investment recommendations are appropriate.
In another dispute filed in May 2019, the client alleged breach of fiduciary duty, common law fraud and negligence. It should be noted that the client sought $100,000 as damages originally according to the reports. This dispute reportedly concluded in a $25,000 settlement according to an May 2020 update.
From the allegation above, common law fraud, depending on the circumstances, could be said to occur when the investment adviser makes a materially false statement with the intention to deceive, and such statement is relied upon by the investor which leads to some form of damage or loss incurred by the investor.
Victor A. Rigoni III was involved in another settled customer dispute filed on similar allegations in April 2019. The client who sought $99,000 in damages alleged breach of contract, fraud, and misrepresentations. The client further alleged breach of fiduciary duty and also violated FINRA rules. The customer dispute was eventually settled for $13,999, out of which $5,000 represented Rigoni‘s individual contribution.
In a dispute filed in October 2018, the client made similar allegations involving former broker including the breach of contract, fraud, misrepresentation, breach of fiduciary duty and violation of FINRA rules. The client sought to recover $125,000 in damages but the dispute was settled for $12,000.
In a distinct customer dispute settled in September 2010, the client alleged that the broker liquidated their holdings before moving to a new firm in order to generate new commissions with the firm and in the process, generated excessive commissions. The client further alleged that the broker made poor recommendations and the investments were unsuitable, while also engaging in unauthorized trading. The client sought to recover $80,000 in damages but the dispute was settled for $63,742 according to the FINRA reports.
Rigoni Was Sanctioned by FINRA
It should be noted that FINRA initiated an investigation against the broker in May 2020 recommending that disciplinary actions be brought against him on the allegation that he failed to willfully disclose 14 unsatisfied judgements and tax liens totaling $199,482 which is a violation of FINRA Rules.
According to an Order Accepting Offers of Settlement, dated March 23, 2021, Victor A. Rigoni, III submitted an Offer of Settlement on March 10, 2021, and without admitting or denying the allegations of the Complaint, he has consented to the entry of findings and to the imposition of sanctions. Specifically, Rigoni was fined $5,000 and suspended from associating with any member firm in all capacities for a period of three months, which reportedly ends on July 4, 2021.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Securities Lawyers Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to FINRA sanction and settled customer disputes involving former broker Victor A. Rigoni III.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Concerned Rigoni investors may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
