Category Archives: Donald Saccomano (Source Capital)

Donald Saccomano- Source Capital Group Investigation Update

UPDATE APRIL 2017Donald Saccomano is not currently registered. FINRA records indicate that he ceased working for Source Capital Group 10/2016.

ORIGINAL POST –February 20, 2015

A few months ago, we commenced an investigation of Donald Saccomano, a broker with Source Capital Group on behalf of an elderly couple and last month filed an arbitration against Source Capital Group  for that couple who are seeking damages in excess of $250,000.

The Financial Industry Regulatory Authority (FINRA) initiated a regulatory action against Donald Saccomano on January 7, 2015. Although the full details have not yet been made available, Saccomano’s FINRA record indicates this regulatory matter involves municipal debt , direct investment products, limited partnership interests and allegations of unsuitable investments, misrepresentations and failure to supervise.

The case we recently filed involves a direct investment product, Greenbacker Renewable Energy.  Our elderly clients have made similar allegations that the investments Saccomano sold them  were unsuitable , that he misrepresented the investments and that Source Capital Group failed to supervise Saccomano.  

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

In July 2014 they were sanctioned and fined $100,000 in connection with the sale of oil and gas investments Blue Ridge Securities and Argyle Securities.

If you have losses in an account handled by Donald Saccomano,  or with Source Capital contact us to discuss how you may be able to recover damages for your losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Source Capital Group Named in FINRA Arbitration For Losses in Account Handled by Donald Saccomano

January 7, 2014-Flushing, New York

Rex Securities Law filed an arbitration with the Financial Industry Regulatory Authority (FINRA) on behalf of a married couple in their mid to late 80’s from Flushing, New York, against broker dealer Source Capital Group, Inc.

The claim which seeks damages in excess of $250,000, alleges that Donald Saccomano, a registered representative with Source Capital  traded the account excessively and sold the couple unsuitable investments, including a high risk and speculative investment Greenbacker Renewable Energy Company. 

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Donald Saccomano & Source Capital Group Investigation

UPDATE JANUARY 7, 2015-FINRA ARBITRATION FILED VS SOURCE CAPITAL GROUP

An arbitration was filed with the Financial Industry Regulatory Authority against Source Capital on behalf of an elderly couple seeking damages to their investment account handled by Donald Saccomano. See this for more. 

Investigation—-December 24, 2014-Flushing, New York

On behalf of a married couple in their mid to late 80’s, Rex Securities Law is investigating stock broker Donald Saccomano who has been registered with Source Capital Group since February 2011. Prior to that, FINRA records indicate that he was registered with Janney Montgomery Scott from 8/29/2003-2/18/2011.

Our clients,  who anticipate filing a FINRA arbitration claim in the immediate future,  allege that Saccomano overtraded their accounts and made unsuitable investment recommendations, including an investment in Greenbacker Renewable Energy CL A. 

Source Capital Group was formed in 1994 and has its main office in Westport, Connecticut. They currently have regional offices located in:

  • Scottsdale, AZ
  • West Hartford CT
  • Pearl City, Hawaii
  • Bowling Green, KY
  • Morristown, NJ
  • New York City

In July 2014, Source Capital was sanctioned $100,000 by FINRA to resolve allegations that the firm sold investments in an oil & gas entity without adequately disclosing material information to investors and in order to solicit investments in private offerings of oil and gas securities and that the firm made exaggerated promises to customers.

If you have information relative to this investigation, we would appreciate hearing from you.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870