Articles Posted in Joseph Stone Capital

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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