Our firm is investigating J.W. Cole Financial registered representative and investment adviser representative Rey Descalso (CRD# 4906080) of Maitland/Tampa, Florida for potential investment-related misconduct.
Financial Advisor’s Career History
According to FINRA BrokerCheck, Rey Descalso has been registered with J.W. Cole Financial, Inc. as a registered representative since June 10, 2010, and with J. W. Cole Advisors, Inc. as an investment adviser representative since June 28, 2010.
His prior securities industry registrations include A.G. Edwards & Sons, Inc. (Orlando, FL) from March 2005 to January 2008, and Wells Fargo Advisors, LLC (Orlando, FL) from January 2008 to June 2010.
Rey Descalso Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects one disclosed customer dispute for Mr. Descalso.
Customer Dispute: Alleged Unsuitable REIT and BDC Purchases (FINRA Case No. 21-03042)
A customer alleged that a REIT and BDC purchase(s) were unsuitable, identifying the product type as a real estate security and alleging $50,000 in damages.
The dispute was filed in FINRA arbitration (Case 21-03042) on December 16, 2021; the complaint was received on December 20, 2021; and the matter later reflected a settlement dated June 1, 2022 for $9,500, with an individual contribution amount of $9,500.
Disclosure summary (for context):
- Customer Dispute – Settled (FINRA arbitration Case 21-03042) — Allegations: unsuitable REIT/BDC purchase(s); Alleged damages: $50,000; Disposition: Settled on 06/01/2022; Settlement amount: $9,500 (individual contribution $9,500).
To obtain a copy of Rey Descalso’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is implicated when a broker or associated person makes a recommendation without a reasonable basis to believe the transaction or strategy is suitable for the customer’s investment profile and circumstances, including customer-specific suitability considerations that go beyond the product’s general appropriateness.
FINRA Rule 2090 (Know Your Customer) is implicated when a firm or representative fails to use reasonable diligence to know and retain the essential facts about the customer—facts that inform whether a recommendation (including illiquid or higher-risk products like certain REITs/BDCs) aligns with the customer’s needs and instructions.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) can be implicated when alleged misconduct reflects a failure to observe high standards of commercial honor and just and equitable principles of trade in the conduct of the brokerage business, including sales-practice conduct tied to disputed recommendations.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.