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Vince Mastrovito: REIT Complaint Against Ex-Luminous Wealth Advisor
Pending investor complaints against former Novi, Michigan financial advisor Vince Mastrovito (CRD# 4068656) allege that he recommended unsuitable and over-concentrated investments. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that he was formerly a representative of Luminous Wealth Management, offering securities through J.W. Cole Financial.
Mr. Mastrovito’s BrokerCheck report discloses two pending investor complaints. The most recent, filed in January 2022, alleges that as a representative of J.W. Cole Financial, he recommended unsuitable investments, including real estate investment trusts and an insurance policy, alleging damages of $80,000. A second complaint, also filed in January 2022, alleges that the client’s account “was overconcentrated in alternative investments, annuities and life insurance policies,” consequently losing “a significant amount of money.” The pending complaint alleges unspecified damages.
A third investor complaint disclosed in Mr. Mastrovito’s BrokerCheck report was filed in January 2021. It alleged that as a representative of J.W. Cole Financial and Cambridge Investment Research, he purchased unsuitable investments in real estate insurance trusts and insurance. The complaint, which was denied, alleged damages of $253,337.
In 2013 Cambridge Investment Research permitted Mr. Mastrovito to resign from the firm, according to a disclosure on his BrokerCheck report. The disclosure states that his resignation related to alleged violations of “firm policy regarding the sale of equity-indexed annuities.” In a comment on the disclosure, Mr. Mastrovito wrote: “FINRA’s investigation surrounding this event did not result in any enforcement action or findings that a rule violation occurred. The client was not deemed to be harmed and the contract is in full force and effect.”
According to the Financial Industry Regulatory Authority and Securities and Exchange Commission, Vince Mastrovito holds 31 years of securities industry experience. Last based in Novi, Michigan, his past registrations include J.W. Cole Financial (Novi, Michigan; 2013-2021), Lincoln Financial Advisors Corporation (Holland, Ohio; 2013), Cambridge Investment Research (Bloomfield Hills, Michigan; 2012-2013), First Heartland Capital (Macomb Township, Michigan; 2009-2012), Lincoln Financial Advisors Corporation (Southfield, Michigan; 1990-2009), and the Lincoln National Life Insurance Company (1990-2006). 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 Investment Adviser Law Examination, or Series 65. He does not presently hold any state licenses as a broker or adviser. (Information current as of June 6, 2022.)
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