Sal Bonetti: Ex-MML Advisor Faces $130K Complaint

Windham, Maine financial advisor Sal Bonetti (CRD# 4494241) recently received an investor complaint alleging that his advice resulted in damages exceeding $100,000. Financial Industry Regulatory Authority records show that he is registered as a broker with Purshe Kaplan Sterling and an investment advisor with Insight Folios.

Mr. Bonetti’s BrokerCheck report discloses one investor complaint. Filed in August 2024, it alleges that as a representative of MML Investors Services, he recommended aggressive stocks to a conservative investor. The pending complaint alleges damages of $130,000.

A second disclosure on his BrokerCheck report concerns a FINRA disciplinary action against him. filed in 2016, it alleged that as a Morgan Stanley representative, he “altered his member firm’s records of the telephone numbers of firm customers owning securities accounts that he serviced, and his actions could have prevented or delayed competing registered representatives at the firm from being able to contact these customers.” FINRA found that his actions caused his firm’s books and records to be inaccurate, and that he acted without his firm’s or customers’ authorization. He was issued a 30-day suspension and a fine of $5,000.

Insight Folios’ website includes a profile of Mr. Bonetti that describes his background and services. “Sal seeks to eliminate confusion through patient communication, and help his clients develop a relative certainty about their financial future,” it explains. “He believes that this is by its nature a personalized process, and designs guidance based on objective research, thoughtfully removed from bias and emotion. Sal continuously reviews and edits strategies, using them as a guide in decision-making as well as a gauge of progress.”

According to the Financial Industry Regulatory Authority, Sal Bonetti holds 22 years of securities industry experience. Based in Windham, Maine, he has been registered as a broker with Purshe Kaplan Sterling and an investment advisor with Insight Folios since 2021. His past registrations include MML Investors Services, Baystate Wealth Management, MSI Financial Services, Morgan Stanley, Multi-Financial Securities Corporation, Financial Benefit Services Corporation, Raymond James Financial Services, and Northwestern Mutual Investment Services. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Operations Professional Examination, or Series 99TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Florida, Maine, Massachusetts, Minnesota, New Hampshire, New York, North Carolina, South Carolina, South Dakota, Texas, and Vermont. (Information current as of August 17, 2024.)

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