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Robert Basile: FINRA Barred California Waddell & Reed Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Riverside, California broker and investment advisor Robert Basile (CRD# ) barred him over allegations he converted the funds of an elderly customer. A former representative of Waddell & Reed, Basile was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent () dated November 2018, Robert Basile was registered with Waddell & Reed as a general securities representative from June 9, 2014, until the firm filed a Uniform termination Notice For Securities Industry Registration disclosing to FINRA that it had initiated a review of Basile on May 31, 2018, upon receiving notification that he was “arrested for ‘theft by caretaker’ related to an elder abuse investigation.” FINRA’s findings state that after Basile joined the firm, in September 2014, his “elderly mother opened a brokerage account” at it. He served as the broker on his account, according to FINRA, which states further that he withdrew monies from it for more than two years, between January 2015 and October 2017, and used the funds for his own personal living expenses “without his mother’s knowledge or consent.” FINRA’s findings state that this conduct constituted a violation of FINRA Rule 2150(a), which states that persons associated with FINRA members shall not “make improper use of a customer’s securities or funds.” FINRA also found that his activities constituted a violation of FINRA Rule 2010, which requires associated persons to observe high standards of honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member in any capacity.
Robert Basile is not currently registered as a broker or investment advisor. His employment history includes NYPark Avenue Securities in Corona, California; Waddell & Reed in Riverside, California; National Planning Corporation in Chino, California; Edward Jones in St. Louis, Missouri; and Pruco Securities in Irvine, California. He currently holds no state licenses and has passed five securities industry qualification examinations.