Securities Arbitration Lawyer Blog
According to Mr. Yurovsky’s public disclosure report, stockbroker Lenny Yurovsky received a Wells Notice from the Financial Industry Regulatory Authority (“FINRA”) on or about September 29, 2021, which made a preliminary determination to recommend that disciplinary action be brought against Mr. Yurovsky. In the Wells Notice, FINRA alleged willful violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and FINRA Rules 2020 and 2010 for churning customer accounts. In addition, FINRA alleged that Mr. Yurovsky excessively traded customers’ accounts, made trades on margin without customer authorization, and made unsuitable recommendations to trade on margin.
Mr. Yurovsky has been registered as a broker with Joseph Stone Capital L.L.C. in Mineola, New York, since April 2016.
Iorio Altamirano LLP is investigating potential legal claims on behalf of customers of Lenny Yurovsky and Joseph Stone Capital related to investment recommendations and account activity made by Mr. Yurovsky.
Customers who have suffered investment losses or suspect other misconduct by Mr. Yurovsky or Joseph Stone Capital in their investment, brokerage, or retirement accounts, should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and to review their legal rights.
Joseph Stone Capital L.L.C.
According to a 2017 investigation by Reuters, out of all of the brokerage firms in the country, Joseph Stone Capital hired the second most brokers with a history of significant disclosures. In 2021, Iorio Altamirano LLP set out to update that analysis.
The investigation revealed that seventy-six percent (76%) of Joseph Stone Capital’s brokers and supervisors have significant red flag public disclosures. Significant red flag disclosures include:
- regulatory sanctions,
- terminations of employment after allegations of misconduct,
- customer disputes that result in an award or settlement, and
- prior association with a firm that FINRA has expelled.
You can read the full investigative report here: Investigative Report: Iorio Altamirano LLP Investigation into Joseph Stone Capital L.L.C. Reveals Troubling Pasts for Owners, Executives, and Brokers
Mr. Yurovsky was one of the brokers who had serious incidents reported on his BrokerCheck report.
Financial Advisor Leonid Yurovsky (CRD No. 4554905)
Leonid Yurovsky has 18 years of experience in the securities industry and has been associated with 14 different firms, including one firm that has been expelled from the industry by FINRA.
In 2014, Mr. Yurovsky was ordered to pay $55,000 in restitution to a customer by the securities regulators in Arkansas, who alleged that he excessively traded the customer’s account.
FINRA’s BrokerCheck tool can be used to obtain Mr. Yurovsky’s complete and updated disclosure reports.
Joseph Stone Capital – A Duty to Supervise
Financial institutions like Joseph Stone Capital must properly supervise financial advisors and customer accounts. Brokerage firms must 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 its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
When an investor suffers investment losses due to misconduct by a financial advisor or broker-dealer, the investor can file a securities arbitration claim against their financial advisor and/or broker-dealer in an effort to be compensated.
Iorio Altamirano LLP is a securities arbitration law firm located in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
If you have lost money with Mr. Yurovsky or Joseph Stone Capital, contact FINRA 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 bilingual law firm, fluent in both English and Spanish.