Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has suspended Antonio Almeida from associating with any FINRA member in any capacity for three months. Mr. Almeida has been registered with Worden Capital Management LLC (“Worden Capital Management”) in Garden City, New York, since January 2020. Previously, from March 2014 through December 2017, he was registered with Aegis Capital Corp. in Melville, New York.
Separately, Iorio Altamirano LLP is currently investigating claims on behalf of Worden Capital Management customers after the firm was sanctioned more than $1.5 million by FINRA, including restitution, for making unsuitable recommendations and excessively trading customers’ accounts. A FINRA restitution order does not preclude investors from pursuing their own claims to seek restitution or other available remedies. Investors harmed by Worden Capital Management’s supervisory failures may have a claim against the firm. You can read more about it here.
If you have lost money with Worden Capital Management or Antonio Almeida, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your account.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020065073801
Mr. Almeida and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 6, 2021, over allegations that Mr. Almeida willfully failed to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose that he had been charged with a felony in violation of Article V, Section 2 © of FINRA’s By-Laws and FINRA Rules 1122 and 2010. Specifically, FINRA alleged:
- On September 7, 2017, while associated with Aegis Capital Corp. in Melville, New York, Mr. Almeida was arrested in Nassau County, New York, and charged with Criminal Possession of a Controlled Substance in the Fifth Degree, which is a Class D felony.
- Almedia subsequently pleaded guilty to a misdemeanor charge, and the felony charge was dismissed.
- However, Mr. Almeida was aware that he had been charged with a felony, but he failed to timely inform FINRA by amending his Form U4.
- Almeida was required to amend his Form U4 to disclose that he was charged with a felony within 30 days; however, he did not do so before resigning from Aegis Capital Corp. in December 2017.
- Almeida finally amended his Form U4 to disclose the felony charge in December 2019, when he became registered with Worden Capital Management.
FINRA alleged that Mr. Almeida willfully failed to timely disclose the felony charge on his Form U4 and violated Article V, Section 2© of FINRA’s By-Laws and FINRA Rules 1122 and 2010.
Antonio Almeida (CRD# 3106626) BrokerCheck Report
According to his BrokerCheck report, Mr. Almeida has 18 years of experience in the securities industry and has worked at several disreputable firms that have been expelled by FINRA. Since 2010, Mr. Almedia has been registered with the following firms:
- Worden Capital Management LLC in Melville, NY since January 2020.
- Aegis Capital Corp. in Melville, NY from March 2014 until December 2017.
- Global Arena Capital Corp (expelled by FINRA) in Melville, NY, from October 2012 until April 2014.
- B. Graham & Company, Inc in Melville, NY from May 2012 until October 2012.
- Liberty Partners Financial Services, LLC in Melville, NY from February 2011 until May 2012.
- John Carris Investments LLC (expelled by FINRA) in Hoboken, NJ from November 2010 through February 2011.
- John Thomas Financial (expelled by FINRA) in New York, NY from July 2010 through December 2010
- Aegis Capital Corp in New York, NY from June 2010 through July 2014.
- John Thomas Financial (expelled by FINRA) in New York, NY from March 2010 through July 2010.
Mr. Almeida’s BrokerCheck report also discloses ten tax liens between 2008 and 2012.
Finally, Mr. Almeida’s public disclosure report includes two customer complaints, including a complaint where a customer alleged that Mr. Almeida made material misrepresentations and excessively traded his account from March 2014 through June 2015. Aegis Capital Corp. employed Mr. Almeida at the time.
Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker. Excessive trading is unethical and illegal.
Incidentally, Iorio Altamirano LLP is currently investigating claims on behalf of Worden Capital Management customers after the firm was sanctioned more than $1.5 million by FINRA, including restitution, for making unsuitable recommendations and excessively trading customers’ accounts.
Brokerage firms like Worden Capital Management and Aegis Capital Corp have a duty to supervise financial advisors and customer accounts properly. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as excessive trading, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.
If you have lost money with Worden Capital Management, Aegis Capital Corp., or Antonio Almeida, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com, or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.