Articles Posted in Joseph Stone Capital

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Michael May from the securities industry.  Mr. May consented to the suspension after FINRA alleged that between June 2017 and May 2018, while associated with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”), Mr. May excessively and unsuitable traded a customer’s account, in violation of FINRA Rules 2111 and 2010.   As part of the agreement, Mr. May also agreed to pay $10,349 in restitution and a fine of $5,000.

Mr. May was registered as a broker with Joseph Stone Capital L.L.C. from July 2015 to June 2020 and again from March 2021 to October 2021.   He is currently registered with VCS Venture Securities in New York, NY.

Iorio Altamirano LLP is investigating potential legal claims on behalf of customers of Michael May and Joseph Stone Capital related to investment recommendations and account activity made by Mr. May.

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.

On August 3, 2021, the Financial Industry Regulatory Authority (“FINRA”) and former Joseph Stone Capital L.L.C. stockbroker Eugene McAdams entered into a Letter of Acceptance, Waiver, and Consent No. 2020066887801 whereby Mr. McAdams consented to a bar from the securities industry.  Mr. McAdams consented to the expulsion after refusing to cooperate with a FINRA investigation into whether he made suitable investment recommendations to customers while registered with Joseph Stone Capital.

Mr. McAdams, associated with Joseph Stone Capital from September 2015 to June 2020, has also been the subject of at least two customer complaints.  The causes of action of the two complaints, which resulted in monetary compensation to the customers, included excessive trading on margin, elder abuse, false and misleading statements, fraud, negligent misrepresentation, breach of fiduciary duty, and unauthorized trading.

If you have suffered financial losses investing with Eugene McAdams or Joseph Stone Capital L.L.C., or suspect that Mr. McAdams did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

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 to the sanctions after FINRA alleged that between May 2018 and March 2019, the broker excessively and unsuitably traded a customer’s account in violation of FINRA Rules 2111 and 2010.

FINRA previously suspended the broker in 2019 after FINRA alleged that he exercised discretion in customers’ accounts without prior authorization from the customers and without seeking or obtaining approval from his firm.

If you have suffered financial losses investing with Joseph Stone Capital L.L.C., or suspect that Joseph Stone Capital L.L.C. did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

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 generating commissions and fees for him of more than $400,000.  

The sixteen customers experienced total losses of $814,509.

If you have suffered financial losses investing with Ross Barish or Joseph Stone Capital L.L.C., or suspect that Mr. Barish did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker David Martirosian from the securities industry.  Mr. Martirosian was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into potentially unsuitable and excessive trading and his potential participation in private securities transactions while associated with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”).

Mr. Martirosian, who had only 13 years of experience in the securities industry, had a history of associations disreputable broker-dealers, customer complaints, and tax liens.

Mr. Martirosian was employed by Joseph Stone Capital in New York from July 2016 until April 26, 2021

**Update: November 8, 2021**  On April 15, 2021, FINRA’s Department of Enforcement filed disciplinary proceeding No. 2019063626703 against former Joseph Stone Capital broker Abdul Rahmani.  On October 28, 2021, Mr. Rahmani submitted an Offer of Settlement to FINRA’s Department of Enforcement.  On November 2, 2021, FINRA’s Department of Enforcement and the National Adjudicatory Council (NAC),  a Review Subcommittee of the NAC, or the Office of Disciplinary Affiars (ODA) have accepted Mr. Rahmani’s offer of settlement.  Under the terms of the settlement, Mr. Rahmani has consented to a bar from the securities industry.

Original Post:

FINRA Files Enforcement Action Against Former Joseph Stone Capital, LLC. Broker Abdul Rahmani

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Joseph Ambrosole from the securities industry for six months.  Mr. Ambrosole consented to the suspension after FINRA alleged that he excessively and unsuitably traded the accounts of two customers.  FINRA also fined Mr. Ambrosole, who was also suspended by FINRA in 2017 for unethical sales practices, $5,000 and ordered him to pay $147,031.50 in restitution.

Mr. Ambrosole, who has only eight years of experience in the securities industry, has a history of associations disreputable broker-dealers, customer complaints, and regulatory sanctions.

The alleged conduct occurred while Mr. Ambrosole was employed by Joseph Stone Capital L.L.C. in New York, New York.

This post is part of a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm.  Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high-pressure or aggressive sales tactics.  Other brokerage firms have a propensity for broker misconduct, such as excessive trading, churning, unauthorized trades, and misrepresentation.  Iorio Altamirano LLP is a securities arbitration law firm based in New York City. We represent investors nationwide who have suffered investment losses due to wrongful conduct by financial advisors and brokerage firms.  We are investor advocates.

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