As the last month of the year arrives, we find ourselves facing a spectacular display of Southern Florida’s stunning beauty – and an equally spectacular story emerging from its financial circles. Meet Sara Scaldini, based in Boca Raton, FL, a fascinating figure currently under investigation due to a pending customer dispute of $3 Million against her. Strap yourself in and fasten your seatbelts – this will be quite the bumpy ride.
Who is Sara Scaldini?
Sara, affectionately known by clients and colleagues as Saralyn or Sara, has become a household name in financial circles. She operates out of Boca Raton, FL and is currently associated with Fidelity Brokerage Services as well as Fidelity Personal and Workplace Advisors. She performs multiple roles as a stockbroker, a financial advisor, and a registered investment advisor. Previously, she worked with renowned firms such as Morgan Stanley Smith Barney and Merrill Lynch Pierce Fenner & Smith.
Despite culminating a wealth of experience from her stints at said prestigious firms, it’s been a rocky road for Scaldini of late. She’s finding herself under the spotlight, not for her exploits in stockbroking, but for allegations of broker misconduct. And yes, she can indeed be sued under FINRA arbitration, as is happening right now.
Violations, Misconduct & the $3 Million Ordeal
Just this April, Scaldini found herself embroiled in a dispute with a client, who lodged a FINRA arbitration grievance. The crux of the dispute revolves around claims that Scaldini failed to follow instructions, leading to an astonishing loss of $3 Million. Hold on, let’s not rush to judgements – the matter is still pending.
However, this isn’t the first time Scaldini’s professional conduct has been questioned. Rewind a bit back to 2009, we bear witness to a case involving another client who claimed that Scaldini failed to provide appropriate advice and follow instructions concerning annuities. This clash was settled for a whopping $90,000.
This brings us naturally to the question – what exactly was she accused of? Clients have lodged allegations against Scaldini, ranging from unsuitable investment recommendations regarding annuities to failing to adhere to the customer’s instructions.
FINRA – The Gatekeeper of Financial Markets
For the uninitiated, FINRA stands for the Financial Industry Regulatory Authority. It is the body responsible for licensing and regulating stockbrokers and brokerage firms. Now, I bet you’re wondering if Scaldini had ever been sanctioned by FINRA. The answer – no, she hasn’t.
But before we conjure images of a villainous broker, let’s remember that each party has a duty to follow the regulatory standards, which call for reasonable belief in the suitability of a recommendation for the customer as per FINRA Rule 2111- suitability. Furthermore, brokers must disclose any customer complaints, associated disputes, regulatory sanctions, and certain financial matters like personal bankruptcies, judgments, and liens. FINRA rules 3110 & 2090 oblige firms to supervise their financial advisors, ensuring their actions are in line and comply with these laid-out responsibilities.
What does it mean for Investors?
For those who might’ve partnered with Scaldini and suffered investment losses, it’s not the end of the road. You might be able to recover some damages via FINRA arbitration. If you have serious concerns about how your account has been handled, speak with an experienced securities attorney – it can make a world of difference. Expert advice can provide a roadmap to potential justice and recoupment of your lost investments.
What a tumultuous journey that was! It behooves us to remember that the world of investing is as thrilling as it is unpredictable, adorned with larger-than-life characters like Sara Scaldini. And while this saga continues to unfold, I hope this discourse provides food for thought for you savvy investors. Know your rights, stay informed, and keep a savvy eye on your investments. Here’s to a financially prosperous 2024! Stay safe, stay informed, and as always, keep investing.