Joe Mauceli: GLM Financial Advisor Faces $300K Complaint

A recent investor complaint against Hackensack financial advisor Joe Mauceli (CRD# 2818956) alleges that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Wells Fargo Advisors, as well as the owner of GLM Financial.

Mr. Mauceli’s BrokerCheck report discloses one investor complaint. Filed in November 2023, it alleges that as a representative of Wells Fargo Advisors, he he recommended unsuitable investments in unspecified products. The pending complaint alleges damages of at least $300,000.

For reference, FINRA’s suitability standard stipulates that brokers like Mr. Mauceli must “have a reasonable basis to believe” that their investment recommendations are appropriate—or, indeed, suitable—for a customer’s background and needs. As FINRA Rule 2111 states more specifically, the standard requires representatives to determine an investment’s suitability through “reasonable diligence” into the customer’s investment profile. This includes their investment experience, goals, age, income, net worth, risk tolerance, and other factors. Brokers must have a reasonable basis to believe the recommendation is appropriate for some investors; they must also have a reasonable basis to  believe it is appropriate for the specific investor to whom they are making it. In cases involving a series of transactions in an account for which the broker holds actual or de facto control, the broker must have at a reasonable basis to believe that the trades, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.” Brokers who violate FINRA Rule 2111 may be held liable for damages.

According to the Financial Industry Regulatory Authority, Joe Mauceli holds 23 years of securities industry experience. Based in Hackensack, New Jersey, he has been a broker and an investment advisor with Wells Fargo Advisors since 2023. His past registrations include Wells Fargo Clearing Services (Paramus, New Jersey; 2014-2023), HSBC Securities (Ramsey, New Jersey; 2010-2013), Wells Fargo Advisors (Ridgewood, New Jersey; 2007-2010), Granite Securities (Woodbury, New York; 2004-2005), Park Avenue Securities (New York, New York; 2003-2004), and NYLife Securities (New York, New York; 1996-2003). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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 Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Mississippi, Nevada, New Jersey, New York, North Carolina, Pennsylvania, and South Carolina. (Information current as of December 4, 2023.)

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