Robert Basile, formerly with Waddell & Reed, Barred by FINRA

Have you lost money with financial advisor Robert Basile of Riverside, California?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Robert Lee Basile. FINRA barred Basile from the securities industry regarding allegations that he stole or converted $130,000 from his elderly mother’s account, for which he was also broker of record.

Robert Basile was a financial advisor and registered representative of Waddell & Reed from June 2014 to January 2018.  He was also affiliated with Park Avenue Securities from January 2018 to June 2018.  He worked at branch offices in Riverside and Chino, California.

Brokerage firms like Waddell & Reed have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout California.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Waddell & Reed and Park Avenue Securities.

Click to view:  Basile, Robert FINRA AWC

Click to view:  Basile, Robert BrokerCheck 11.19.18

If you lost money with Robert Basile or Waddell & Reed, please CONTACT US at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.