JP Morgan Stockbroker Accused Of Unauthorized Trading
Eric Daniel Silvestre of Santa Monica California a stockbroker formerly associated with JP Morgan Securities LLC has been referenced in a customer initiated investment related complaint which was settled on December 5, 2019 for $47,217.54 in damages supported by allegations that between March 14, 2018 and June 27, 2019, options transactions were facilitated in the customer’s JP Morgan Securities account by Silvestre without the customer’s knowledge or consent.
Silvestre has been identified in two additional customer initiated investment related disputes containing allegations of his misconduct while employed by J.P. Morgan Securities. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Silvestre is the subject of a customer initiated investment related written complaint in which the customer requested $7,000.00 in damages based upon allegations that misrepresentations had been made by the stockbroker relating to investments held in the customer’s JP Morgan Securities managed account.
On August 30, 2019, another customer filed an investment related arbitration claim involving Silvestre’s conduct in which the customer requested $2,000,000.00 in damages based upon allegations of unauthorized over-the-counter equities trading by the stockbroker which resulted in unwarranted losses for the JP Morgan Securities customer. FINRA Arbitration No. 19-02583.
Silvestre was terminated by JP Morgan on August 14, 2019 following an internal probe into the stockbroker’s trading. JP Morgan indicated that trades were possibly made by Silvestre without generating pre-trade confirmations from customers for their non-discretionary accounts. Trades were also possibly mismarked by Silvestre making it appear as though they were not solicited.
Since September 3, 2019, Silvestre has been registered with Western International Securities Inc.