The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II. Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively…
StockCross Financial Services, Inc. (“StockCross Financial”), which was acquired by Muriel Siebert & Co., Inc. (“Muriel Siebert”), consented to a censure and $250,000 fine in connection with FINRA’s findings that between July 2009 and December 2019, StockCross Financial had no reasonable surveillance system to review solicited transactions for excessive trading…
**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to…
**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to…
On July 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) and broker Christopher Orlando entered into a Letter of Acceptance, Waiver, and Consent No. 2017056432603 after FINRA alleged that from October 2015 through December 2018, Mr. Orlando excessively traded 13 accounts of 12 customers in violation of Rules 2111 and…
On June 29, 2021, the Financial Industry Regulatory Authority (“FINRA”) and a Joseph Stone Capital L.L.C. stockbroker entered into a Letter of Acceptance, Waiver, and Consent No. 2020066888001 whereby the broker consented to a three-month suspension, $5,000 fine, and to pay $7,653.21 in restitution to a customer. The broker consented…
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Marc Reda. The complaint alleges that from January 2017 to December 2019, while associated with Spartan Capital Securities, LLC, Mr. Reda recommended to all of his customers an investment strategy – actively trading…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Salvatore Pizzimenti from the securities industry. Mr. Pizzimenti was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation related to improper trading in customer accounts while associated with Worden Capital Management LLC in New York. According to…
Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by…
Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while…