December 20, 2013 Comments (0) Blog, Securities Fraud

Former PNC Broker, Nicholas J. Polito Jr., Allegedly Defrauds Customers

Did you make investments with former Pennsylvanian broker  Nicholas J. Polito Jr.? If so, the White Law Group may be able to help you recover your investment loss through a claim against the brokerage firm that employed Polito.

According to the Securities and Exchange Commission (SEC), Polito was sentenced to 42 months in prison for his guilty plea to allegedly defrauding PNC Bank customers between 2005 and 2011 and accessing funds in customers accounts. Polito’s alleged scheme, executed between 2005 and 2011, purportedly involved forgery of customer names on checks and falsifying investment statements.

In addition to his prison sentence, Polito was barred from working in the securities industry and ordered to pay $673,349.44 in restitution. It is unclear, however, whether or not Polito has the money to make the payment. As such, The White Law Group is investigating other avenues of recovery on behalf of investors.

Brokerage firms have supervisory responsibility to monitor the activity of their employees and implement the necessary safeguards to protect their customers. When a registered representative defrauds customers and/or misappropriates funds, the brokerage firm may be liable for negligent supervision and responsible for losses.

According to BrokerCheck, Polito worked in Pennsylvania with PNC Investments from Oct. 2004 through Aug. 2010, and Investment Financial Corporation from Nov. 2010 through Nov. 2011.

If you suffered losses investing with Nicholas J. Polito Jr. while he worked as a registered Representative with the above mentioned firms, you may have a claim to recover your losses. If you would like to speak with a securities attorney to discuss your litigation options, please call the The White Law Group at (312)238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.To learn more about The White Law Group, visit

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