Joseph Stone Capital

FINRA Sanctions Joseph Stone Capital for Excessive Trading in Customer Accounts

Published on: September 8, 2022 | by Iorio Altamirano

On September 8, 2022, FINRA announced that it had ordered Joseph Stone Capital L.L.C. (“Joseph Stone”) to pay restitution of approximately $825,000 to customers whose accounts were excessively traded by the firm’s representatives.

In related settlements, FINRA suspended eight current or former Joseph Stone representatives and required them to pay, collectively, an additional $211,000 in restitution to impacted customers. Additionally, FINRA suspended three Joseph Stone supervisors for failing to reasonably identify or respond to red flags of excessive trading and barred two representatives for refusing to respond to FINRA’s requests for information in connection with the investigation.

If you suspect your account was excessively traded at Joseph Stone Capital L.L.C., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Joseph Scott Audia, Formerly with Joseph Stone Capital, Suspended by FINRA – Hauppauge, NY

Published on: January 5, 2022 | by Iorio Altamirano

FINRA has suspended Joseph Scott Audia, formerly with Joseph Stone Capital L.L.C., from associating with any FINRA member in all principal capacities for two months. Audia consented to the sanctions and to the entry of findings that he failed to reasonably supervise a registered representative, who excessively and unsuitably traded certain customer accounts.

Audia’s suspension is scheduled to begin on January 18, 2022, and end on March 17, 2022. He was fined $5,000 and agreed to complete 20 hours of continuing education concerning supervisory responsibilities.

If you have been harmed by Joseph Scott Audia, or Joseph Stone Capital L.L.C., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Joseph Stone Capital Broker Todd Kling Suspended by FINRA – New York, NY

Published on: January 4, 2022 | by Iorio Altamirano

FINRA has suspended Joseph Stone Capital L.L.C. broker Todd Kling from the securities industry for three months. Kling consented to the sanction and to the entry of findings that he engaged in excessive and unsuitable trading, including the use of margin, in a senior customer’s account.

Kling’s suspension is scheduled to begin on January 18, 2022, and end on April 17, 2022.

If you have lost money with Todd Kling, or Joseph Stone Capital L.L.C., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Joseph Stone Capital Broker Adam Maggio Suspended by FINRA – Mineola, NY

Published on: January 4, 2022 | by Iorio Altamirano

FINRA has suspended Adam Maggio, with Joseph Stone Capital L.L.C., from associating with any FINRA member in all principal capacities for five months. Maggio has been registered in multiple capacities with Joseph Stone Capital L.L.C. since February 2013, including as a General Securities Principal.

Maggio consented to the sanctions and to the entry of findings that he failed to reasonably supervise trading in certain customer accounts for potentially excessive activity. His suspension is scheduled to begin on January 3, 2022, and end on June 2, 2022. He was fined $5,000 and will also undertake to attend and satisfactorily complete 20 hours of continuing education concerning supervisory responsibilities.

If you have been harmed by Adam Maggio, or Joseph Stone Capital L.L.C., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Joseph Stone Capital Broker Anthony Graziano Suspended by FINRA – New York, NY

Published on: January 3, 2022 | by Iorio Altamirano

FINRA has suspended Anthony Graziano, with Joseph Stone Capital L.L.C., from associating with any FINRA member in all principal capacities for three months. Graziano first became registered as a General Securities Representative and General Securities Principal with Joseph Stone Capital L.L.C. in June 2015 and subsequently became registered with the firm as a Compliance Officer in October 2018.

Graziano consented to the sanctions and to the entry of findings that he failed to reasonably supervise a registered representative of his firm, who excessively traded a customer’s account.

Graziano’s suspension is scheduled to begin on January 3, 2022, and end on April 2, 2022. He was also fined $5,000 and will undertake to attend and satisfactorily complete 20 hours of continuing education concerning supervisory responsibilities.

Joseph Stone Capital Broker Douglas Rosenberg Suspended by FINRA – Hauppauge, NY

Published on: January 3, 2022 | by Iorio Altamirano

FINRA has suspended Joseph Stone Capital L.L.C. broker Douglas Rosenberg from the securities industry for seven months. Rosenberg consented to the sanctions and to the entry of findings that he excessively and unsuitably traded the accounts of three customers. As a result of Rosenberg’s unsuitable recommendations, his customers suffered a total of over $154,000 in realized losses and paid a total of $89,652 in commissions, trading costs, and margin interest.

Rosenberg’s suspension is scheduled to begin on January 3, 2022, and end on August 2, 2022. He was also ordered to pay partial restitution to the three customers of $25,000.

If you have lost money with Douglas Rosenberg, or Joseph Stone Capital L.L.C., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Former Joseph Stone Capital L.L.C. Broker, Michael May, Suspended for Excessive and Unsuitable Trading

Published on: November 8, 2021 | by Iorio Altamirano

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.

Iorio Altamirano LLP Investigates Joseph Stone Capital Broker Leonid (Lenny) Yurovsky for Churning, Excessive Trading, and Unsuitable Investment Recommendations

Published on: October 29, 2021 | by Iorio Altamirano

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.

Former Joseph Stone Capital L.L.C. Broker, Eugene McAdams, BARRED by FINRA

Published on: August 10, 2021 | by Iorio Altamirano

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.

Joseph Stone Capital L.L.C. Broker Suspended by FINRA

Published on: June 30, 2021 | by Iorio Altamirano

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.