FRANCIS RICHARD PALESTRA is currently employed as a Broker and/or Investment Adviser at J.W. COLE FINANCIAL, INC. located at 2701 N. Rocky Point Drive, Suite 530, Tampa, FL, 33607.
FRANCIS RICHARD PALESTRA has worked at J.W. COLE FINANCIAL, INC. since January 31, 2017
FRANCIS RICHARD PALESTRA has 2 Disclosure Event(s).
Date: December 02, 2016 Category: Employment Separation After Allegations Firm Name: Woodbury Financial Services, Inc. Termination Type: Permitted to Resign Allegations: The firm sought to close office at which representative was sole registered person. There were identified non-compliant practices involving an individual other than the representative at said office.
Date: March 31, 2003 Category: Customer Dispute Allegations: CLIENTS ALLEGE THAT REPRESENTATIVE FRANK PALESTRA PLACED THEM INTO UNSUITABLE INVESTMENTS. THEY ALLEGE THE INVESTMENTS WERE UNSUITABLE FOR THE FOLLOWING REASONS: 100% OF THE CLIENT'S LIQUID ASSESTS WERE PLACED INTO THE STOCK MARKET, THERE WAS NO DIVERSIFICATION EVEN WITHIN THE EQUITIES AS GROWTH AND AGGRESSIVE GROWTH SUFFER THE SAME VOLATILITY AND MARKET RISK IN A MARKET DOWNTURN, THE STRATEGY OF HAVING MONTHLY INCOME COME FROM THESE VOLATILE MUTUAL FUNDS MEANT THAT IN A BEAR MARKET LARGER AND LARGER CHUNKS OF THE FUNDS WOULD BE NEEDED TO BE WITHDRAWN TO SATISFY THE MONTHLY INCOME WITHDRAWAL. AS A RESULT OF THE UNSUITABLE INVESTMENT STRATEGIES, THE CLIENTS ALLEGE THEY LOST THE OPPORTUNITY TO EARN ANY SIGNIFICANT RETURNS ON THEIR RETIREMENT FUNDS FOR THE ENTIRE FOUR YEARS THEY WERE PALESTRA'S CLIENTS. Damage Amount Requested: $10,000.00
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