Sal Salvo: Purshe Kaplan, Summit Advisor Faces $784K Complaint

A recent investor complaint against Parsippany, New Jersey financial advisor Sal Salvo (CRD# 409637) alleges that her conduct resulted in more than $700,000 in damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Purshe Kaplan Sterling and an investment advisor with Summit Financial.

Mr. Salvo’s BrokerCheck report discloses several investor complaints. The most recent, filed in August 2025, alleges that as a representative of Purshe Kaplan Sterling, he acted negligently, made misrepresentations and omissions, and breached his fiduciary duty by referring clients to a third-party insurance company that allegedly committed fraud. The pending complaint alleges damages of $784,000.

A second investor complaint, filed in July 2025, alleges that as a Purshe Kaplan Sterling representative, he breached his fiduciary responsibility by not being aware that the customer’s “existing positions may not have been able to be transferred in kind.” The pending complaint alleges damages of $508,000.

A third investor complaint, filed in 2010, alleged that as a representative of Summit Equities he recommended unsuitable investments, made material misrepresentations, and failed to disclose material facts. In 2013 the complaint reached a settlement of $87,500.

According to the Financial Industry Regulatory Authority, Sal Salvo holds 51 years of securities industry experience. Based in Parsippany, New Jersey, he has been registered as a broker with Purshe Kaplan Sterling since 2018 and an investment advisor with Summit Financial since 2019. His past registrations include Summit Equities, Summit Family Resources, Summit Family Wealth Counseling, MML Investors Services, Massachusetts Mutual Life Insurance Company, and CG Equity Sales Company. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Registered Representative Examination, or Series 1; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 33 state licenses. (Information current as of September 21, 2025.)

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