American Community Bank

Write a Review516-609-2900

OPEN NOW - Closes at 5:00pm

I was going to do business with american community until i found out that one of their principals was dishonest. take a look at one negotiated settlement against aldo verrelli. i wouldn't do business with them.



allegations:

mony securities corporation

unsuitable investment; unauthorized transactions; improper

placement on margin; failure to properly diversify; improper

recommendation; failure to take into consideration claimant's

lack of investment experience; failure to follow actual

investment objectives; failure to fully advise of the risks;

excessive amounts of life insurance recommendation;

material misrepresentation and omissions; churning, fraud,

breach of contract, breach of duty of care.



n addition to the allegation raised in the claimant's original

complaint of 8/13/2001 regarding mr. verrelli's failure to

follow her investment objectives (unsuitability), the claimant

has alleged that mr. verrelli "engaged in unauthorized

transactions, improperly placed claimant's account on

margin, failed to fully advise claimant of the risks of her

investments, made material misrepresentations and omissions

to claimant with respect to the investments that were

recommended to her." time period: 7/98 - 7/2000



disposition detail:

stipulated award issued; claimant and the respondents

entered into an agreement to settle and compromise dated

april 2004 upon completion of mediation; the parties entered

into an agreement to present the panel a stipulated award;

the claims against respondent are dismissed with prejudice