Our firm is investigating PFS Investments Inc. broker and Primerica Advisors investment adviser representative Norman Dsilva (CRD# 2420634) in connection with a pending customer dispute reported through FINRA BrokerCheck.
According to his BrokerCheck report, Dsilva has been registered with PFS Investments Inc. since January 1994 and with Primerica Advisors since July 2016. His record reflects two customer disputes, including one pending FINRA arbitration.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, Norman Dsilva is currently associated with:
- PFS Investments Inc. — 01/1994 to Present
- Primerica Advisors — 07/2016 to Present
FINRA reports no prior securities-firm registrations for Dsilva. His employment history states that he has worked in sales with PFS Investments Inc. since October 1993 and Primerica Financial Services since April 1993.
Dsilva also reports outside business activities involving investment-related sales for companies affiliated with PFS Investments, potential compensation from certain Primerica affiliates, ownership of DSilva International, and a partnership in Wadivilla1 LLC.
Norman Dsilva Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects two customer disputes involving Norman Dsilva.
The more recent dispute is a pending FINRA arbitration alleging that Dsilva failed to protect an elderly client from financial exploitation. The claimant alleges $500,000 in damages. Dsilva denies the allegations and states that he intends to vigorously defend the matter.
His record also contains an earlier customer complaint involving an alleged failure to disclose that transferring assets from a fixed annuity to a mutual fund account would result in the loss of the annuity’s death benefit. That matter settled for $50 in 2013, with Dsilva reporting no individual contribution.
Pending FINRA Arbitration: Alleged Failure to Protect Elderly Client From Financial Exploitation
The BrokerCheck disclosure identifies PFS Investments Inc. as the employing firm when the activities giving rise to the claim allegedly occurred.
According to the disclosure, the Statement of Claim alleges that Dsilva failed to protect an elderly client from financial exploitation. The product identified in the dispute is a mutual fund.
The disclosure provides the following information:
- Disclosure Type: Customer Dispute — Pending
- Firm: PFS Investments Inc.
- Allegation: Failure to protect an elderly client from financial exploitation
- Product Type: Mutual Fund
- Alleged Damages: $500,000
- Date Notice/Process Served: 12/15/2025
- Arbitration Forum: FINRA
- Docket/Case #: 25-02521
- Arbitration Pending: Yes
Broker’s Statement
Dsilva disputes the allegations.
According to his BrokerCheck statement, he denies all allegations in the Statement of Claim and states that he intends to vigorously defend the matter and prove the allegations false.
Prior Customer Complaint: Alleged Failure to Disclose Loss of Annuity Death Benefit
Dsilva’s BrokerCheck report also reflects a prior customer complaint involving PFS Investments Inc.
The customer alleged that Dsilva failed to inform her that moving assets from an annuity into a mutual fund account would cause her to lose the annuity’s death benefit.
The disclosure provides the following information:
- Products: Fixed Annuity and Mutual Fund
- Alleged Damages: $5,079.85
- Complaint Received: 10/18/2012
- Status: Settled
- Status Date: 02/08/2013
- Settlement Amount: $50
- Individual Contribution: $0
The BrokerCheck report states that the firm settled with the customer.
Disclosure Summary
- Customer Dispute / FINRA Arbitration — Pending
- Firm: PFS Investments Inc.
- Allegation: Failure to protect an elderly client from financial exploitation
- Product: Mutual Fund
- Alleged damages: $500,000
- FINRA case #: 25-02521
- Status: Pending
- Broker position: Dsilva denies the allegations
- Customer Dispute — Settled
- Firm: PFS Investments Inc.
- Allegation: Failure to disclose that transferring assets from an annuity to a mutual fund account would eliminate the annuity death benefit
- Alleged damages: $5,079.85
- Settlement: $50
- Individual contribution: $0
- Status date: February 8, 2013
Conclusion
Investors reviewing Norman Dsilva’s BrokerCheck record should understand that the $500,000 FINRA arbitration remains pending and that the allegations have not been proven or formally adjudicated.
FINRA explains that pending disclosure matters may involve contested or unresolved allegations and may ultimately be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement without an admission or finding of wrongdoing.
Investors considering doing business with Norman Dsilva may want to review his complete FINRA BrokerCheck report under CRD# 2420634 for the most current information regarding his registration and disclosure history.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Claims involving the alleged financial exploitation of elderly investors can raise significant concerns regarding the protection of client assets. Older investors may be particularly vulnerable when third parties attempt to obtain control over funds or improperly influence financial decisions.
In Dsilva’s reported dispute, the claimant alleges that he failed to protect an elderly client from financial exploitation involving mutual fund assets and seeks $500,000 in damages. Dsilva denies the allegations, and the FINRA arbitration remains pending.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, unsuitable recommendations, financial exploitation, and other investment-related misconduct. 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.
