Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 26, 2016 indicate that Georgia-based Carter Terry & Company broker Edward Fausti, also known as Gary Fausti, has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fausti (CRD# 205163).
Edward Fausti has spent 44 years in the securities industry and has been registered with Carter Terry & Company in Atlanta, Georgia since 1999. Previous registrations include Fidelity National Capital Advisors in Atlanta, Georgia; Painewebber Incorporated in Weehawken, New Jersey; Prudential-Bache Securities; Loeb Partners; Loeb Rhodes & Company; Shearson Hayden Stone; Hayton Stone; Shearson Hammill & Company; and United Services Planning Association. He is a registered broker and investment adviser with four US states: Georgia, Kansas, Pennsylvania, and South Carolina.
According to his BrokerCheck report, Edward Fausti has been the subject of four customer complaints.
In 1997 a customer alleged Edward Fausti, while employed at Fidelity National Capital Investors, improperly handled the account. The complaint settled for more than $19,200.
In 1997 a customer alleged Edward Fausti, while employed at Fidelity National Capital Investors, charged excessive fees and commissions, failed to diversify the account, and recommended investments that performed poorly. The complaint settled for $25,000.
In 1988 a customer alleged Edward Fausti, while employed at Prudential Bache Securities, placed unsuitable trades and misrepresented material facts. The complaint settled in 1989 for $16,500.
In 1982 a customer alleged Edward Fausti induced her to agree to overtrades. The complaint settled for $110,000.
Failure to diversify, also known as “concentration” or “over-concentration,” refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have suffered losses while investing with Edward Fausti, also known as Gary Fausti, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.