Barred former GWN Securities Inc. broker Ronald Giovino Jr. (CRD# 2236071) is accused of mutual fund investment losses. He was registered with GWN Securities Inc. in Clearwater, Florida, from 2004 to 2021, when he was terminated regarding, “Without admitting or denying the findings, Giovino consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with its investigation into whether he converted customer funds. The findings stated that this matter originated from information received by FINRA Securities Helpline for Seniors. Although Giovino produced certain information and documents, he failed to make a complete production and refused to produce the outstanding information and documents.”
In July 2021, FINRA barred the broker after he “consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with its investigation into whether he converted customer funds.” The FINRA findings stated the complaint originated from information received by FINRA Securities Helpline for Seniors; he refused to produce all the outstanding information and documents related to this matter.
Ronald Giovino Jr. Customer Complaints
He has been the subject of four customer complaints between 2011 and 2023, two of which were closed without action, according to his CRD report:
June 2023. “Former client alleges that her former FA recommended that she sell two mutual funds and reinvest the proceeds in a different investment opportunity but that he converted the funds. She also alleges that in August 2022 (which was over a year after the FA’s registration was terminated in July 2021) the same individual recommended she liquidate fund shares and invest the $50,000 proceeds in an annuity but that the individual converted those funds.” The customer is seeking $120,000 in damages, and the case is currently pending.
August 2019. “Clients received an inherited IRA. Both wanted to use part of the money to pay off some debt and have the rest remain in an inherited IRA. Rep inadvertently told them they could take a full distribution and then rollover what proceeds they did not need. The rep was incorrect in that you cannot rollover a non-spouse inherited IRA. Customers seeking payment of the tax liability on the full distribution.” The customer is seeking $60,000 in damages, and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, GWN Securities Inc. may be liable for investment or other losses suffered by Ronald Giovino Jr.’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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