Articles Posted in Spartan Capital Securities

FINRA has barred Spartan Capital Securities, LLC broker Carlos Hurtado from the securities industry for refusing to provide on-the-record testimony to FINRA in connection with its investigation into Hurtado’s possible participation in a private securities transaction.

If you have lost money with Carlos Hurtado, or Spartan Capital Securities, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent (“AWC”)

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Michael Giovannelli, who also goes by the name Michael Anthony.  The complaint alleges that between February and April 2020, while associated with Spartan Capital Securities, LLC, Mr. Giovannelli made 12 unauthorized transactions in the account of an elderly customer.   The complaint also alleges that Mr. Giovannelli attempted to conceal the unauthorized trades from FINRA and testified falsely at his on-the-record interview.

Separately, FINRA alleged that between September 2018 and March 2019, while registered with Richard James & Associates Inc. (“Richard James”), Mr. Giovannelli made 100 trades in the accounts of four Richard James’ customers without obtaining the customers’ prior authorization for the trades.  Mr. Giovannelli did not have written authorization to make discretionary trades in the four customers’ accounts from either the customers or Richard James.

If you or a loved one were a customer of broker Michael Giovannelli, Spartan Capital Securities, LLC, or Richard James & Associates, Inc.,  contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Marc Reda.  The complaint alleges that from January 2017 to December 2019, while associated with Spartan Capital Securities, LLC, Mr. Reda recommended to all of his customers an investment strategy – actively trading in anticipation of corporate announcements – that was unsuitable because he failed to consider that the substantial commissions and costs associated with his investment strategy made it unlikely that his customers could profit from it.

The recommended strategy and its high total costs allegedly harmed his customers.  The complaint alleges that across 66 customer accounts in which Mr. Reda executed ten or more trades connected with his unsuitable investment strategy, Mr. Reda charged $952,764 in commissions and fees, while the customers lost $934,482.

If you or a loved one were a customer of broker Marc Augustus Reda or Spartan Capital Securities, LLC,  contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions.  According to the findings, although he is based in New York, Mr. Flower generated business by cold calling people all over the country, focusing primarily on senior and elderly customers who are small business owners and retirees. Cold-calling customers is a common tactic for “boiler room” brokerage firms.

Mr. Flower was also ordered to pay restitution plus prejudgment interest to harmed customers.  However, it is unclear whether he will be able to satisfy the judgment.

Mr. Flower was associated with Spartan Capital Securities, LLC since June 2019.  Previously, he was associated with SW Financial from December 2015 to June 2019.

Contact Information