Robert Lee Basile (CRD#: 2392772, aka “Bob Basile”) is a former registered broker and investment advisor who was last employed with PARK AVENUE SECURITIES LLC (CRD#:46173) of Corona, CA. His previous employers include Waddell & Reed (CRD#:866) of Riverside, CA, National Planning Corporation (CRD#:29604) of Chino, CA, and Edward Jones (CRD#:250) of St. Louis, MO. He began in the industry in 2009.
Basile has only one disclosure, filed on 11/16/2018. In it, he was sanctioned and indefinitely barred by FINRA. Without admitting or denying the findings, Basile consented to the sanctions and signed an Acceptance, Waiver and Consent (AWC) letter.
In 2014, Basile’s mother opened a brokerage account at Waddel & Reed shortly after he began employment there, with Basile serving as the broker. Between January 2015 and October 2017, Basile began withdrawing funds without his mother’s knowledge or consent to use for his own living expenses. He improperly converted over $130,000 of his elderly mother’s money.
A local newspaper reported that local police in Boise, Idaho, where his mother lives, began investigating after they were notified by adult protective services about possible elder abuse.
Robert Lee Basile, age 60, was arrested on May 22nd and charged with one felony count of theft from an elder and one felony count of embezzlement. He pled guilty to both charges, and received a two-year suspended sentence with the opportunity for probation. The charges could be dismissed if he breaks no other laws during the two-year period, according to the newspaper account.
In an ironic turn, Basile posted on his professional Facebook page on 12/22/2017, “The holidays are about family — and family conversations. Be sure to speak with your elderly relatives about preventing financial fraud.”
Elder abuse is a crime. New laws, protections and increased awareness are helping to fight against elder financial abuse, an ever-increasing problem. While state adult protective services can help, they are frequently overwhelmed. The Silver Law Firm has represented elders in these kinds of abuse cases, and are ready to help you or a loved one if you believe you are a victim.
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.