Peiffer Wolf is currently investigating claims against Tom Renzi of RBC Capital Markets for his alleged recommendation of risky cannabis stocks and SPACs.
According to FINRA’s BrokerCheck, Tom Renzi has been the subject of 3 disclosures, including one Customer Dispute for unsuitable recommendations. A prior Customer Dispute included allegations of “fraud, negligence, misrepresentation, break of fiduciary duty and unauthorized trading.”
Tom Renzi has been registered as both a broker and an investment advisor with RBC Capital Markets since 2007. Before he was registered with RBC Capital Markets, he was registered with Citigroup Global Markets.
Peiffer Wolf is investigating claims that Renzi placed conservative investors in risky investments, including, but not limited to: Arrival (formerly known as CIIG Merger Corp), XL Fleet (now known as Spruce Power Holding Corporation), New Age Beverage, and Aurora Cannabis.
In the prospectus filed with the SEC on January 13, 2021, XL Fleet stated:
“Because we will incur the costs and expenses from [our] efforts before we receive any incremental revenues with respect thereto, our losses in future periods are expected to be significant. In addition, we may find that these efforts are more expensive than we currently anticipate or that these efforts may not result in revenues, which would have a material adverse effect on our results of operations and further increase our losses.”
XL Fleet stock has steadily lost value since it was first listed in December of 2020. XL Fleet is now known as Spruce Power Holding Corporation (SPRU) and as of April 3, 2023 was trading at less than $1 per share. A class action lawsuit was filed against XL Fleet in March 2021 in the Southern District of New York, claiming that XL Fleet made materially false and/or misleading statements about the company’s business, operations, and prospects. Many investors in XL Fleet, especially those that purchased the stock in December 2020 and early 2021, have suffered devastating losses to their investments.
To review Tom Renzi’s Brokercheck report, click here:
*BrokerCheck is run by the Financial Industry Regulatory Authority, Inc. (FINRA)
Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their clients. Their broker-dealer (employing brokerage firm) has a legal and regulatory obligation to supervise the financial advisor’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of their investment losses.
Based on our experience, we believe that some investors may have been the victims of Tom Renzi’s alleged broker misconduct and investment fraud. If you invested with Tom Renzi of RBC Capital Markets, contact Peiffer Wolf immediately for a FREE Consultation 585-310-5140.
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Peiffer Wolf is currently investigating claims against Tom Renzi of RBC Capital Markets for his alleged recommendation of risky cannabis stocks and SPACs. If you’ve invested with Tom Renzi, Contact Us by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation.
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