The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ronald Giovino from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Giovino converted customer funds. FINRA launched the investigation after it received information through the FINRA Securities Helpline for Seniors. Mr. Giovino has been registered with GWN Securities Inc. in Clearwater, Florida, since March 2004.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as GWN Securities Inc.
FINRA Letter of Acceptance, Waiver, and Consent No. 202107092701
Ronald J. Giovino, Jr. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on July 8, 2021, after Mr. Giovino refused to provide documents and information connected with FINRA’s investigation into whether Mr. Giovino converted customer funds.
On April 23, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Giovino for the production of documents and information pursuant to FINRA Rule 8210. Although Mr. Giovino produced certain information and documents, he failed to make a complete production. On June 4, 2021, FINRA made an additional request for the production of the outstanding documents. On June 28, 2021, Mr. Giovino, through counsel, stated in a phone call with FINRA that he would not produce information and documents.
By refusing to cooperate with FINRA’s investigation, Mr. Giovino violated FINRA Rules 8210 and 2010.
Financial Advisor Ronald Joseph Giovino, Jr. (CRD No. 2236071)
Ronald Joseph Giovino had 29 years of experience in the securities industry and has been registered with the following firms:
- GWN Securities, Inc., from March 2004 to July 2021.
- Legend Equities Corporation, from August 2013 to November 2013.
- Money Concepts Capital Corp, from July 2003 to August 2004.
- Royal Alliance Associates, Inc., from December 2002 to July 2003.
- Prime Capital Services, Inc., from September 2001 to December 2002.
- Legend Equities Corporation, from January 1994 to September 2001.
- Legend Capital Corporation, from May 1992to January 1994.
According to his BrokerCheck report, Mr. Giovino is the subject of a pending customer complaint related to an inherited IRA account. The customers wanted to use the inherited IRA account to pay off some debt and keep the remaining assets in the inherited IRA. Mr. Giovino allegedly told the customers that they could take a full distribution and then rollover the proceeds that they did not need to pay off their debt. According to the disclosure, Mr. Giovino’s representation was not correct, and the customers were subjected to unnecessary tax liability. The customer dispute is pending.
GWN Securities Inc. – Supervisory Duties
Brokerage firms like GWN Securities Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Ronald Giovino or GWN Securities Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at email@example.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.