A recent Financial Industry Regulatory Authority enforcement action against New York City broker-dealer firm Axiom Capital Management (CRD# 26580) alleges...Read More
Frank Mastrosimone: $100K Complaint Against Basking Ridge Advisor
Pruco Securities financial advisor Frank Mastrosimone (CRD# 322615) has received an investor complaint alleging six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and investment advisor based in Basking Ridge, New Jersey, and that he was formerly a representative of Royal Alliance Associates in West Orange, New Jersey.
Mr. Mastrosimone’s BrokerCheck report discloses one pending investor complaint against him. Filed in August 2021, the complaint alleges that as a representative of Royal Alliance Associates, he recommended an unsuitable private investment fund. The pending complaint alleges damages of $100,000.
FINRA records also disclose two regulatory enforcement actions involving Mr. Mastrosimone. In 1987, the National Association of Securities Dealers sanctioned him in relation to allegations he caused “unsuitable” transactions “involving the liquidation of reinvestment of company shares,” issuing him a censure and a fine of $3,000. In 1986, meanwhile, securities regulators in the state of Vermont sanctioned him in relation to allegations he recommended mutual fund switches that failed to meet “full disclosure” and “know your client” standards, ordering the investors’ mutual funds to be restored to their initial amount and for the investors to be reimbursed for adverse tax consequences.
According to the Financial Industry Regulatory Authority, Frank Mastrosimone holds 45 years of securities industry experience. Based in Basking Ridge, New Jersey, he has been a broker and investment advisor with Pruco Securities since 2020. His past registrations include Royal Alliance Associates, Financial Network Investment Corporation, Pennsylvania Securities Company, Greentree Securities, Bond Richman & Co., Philips Appel & Walden, Mayflower Securities, and Mayhill Agency. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Representative Examination, or Series 1; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Florida, New Jersey, and New York. (Information current as of June 25, 2022.)
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