UPDATE APRIL 2017–Donald Saccomano was suspended by FINRA in 4/2017 for failing to respond to a FINRA request for information. 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.
Rex Securities Law
Florida-561 391 1900