Articles Tagged with churning

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Joseph Lianzo from the securities industry for eight months.  Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four customers’ accounts and placed 13 unauthorized transactions in violation of FINRA Rules 2111 and 2010.  As a result of churning and excessive trading, the customers incurred high commissions and fees, and significant realized investment losses.

Customers of Mr. Lianzo, Laidlaw & Company (UK) LTD, or SW Financial should consult with a securities arbitration law firm.  If you or a loved one were a customer of Joseph Lianzo, Laidlaw & Company (UK) LTD, or SW Financial LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Laidlaw & Company (UK) Ltd or SW Financial.

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Donald Fowler from the securities industry.  Mr. Fowler consented to the suspension after FINRA alleged that from December 2014 through December 2018, while associated with Worden Capital Management LLC, Mr. Fowler churned and excessively traded four customers’ accounts in violation of FINRA Rules 2111 and 2010.  As a result of churning and excessive trading, the customers incurred high commissions and fees, and significant realized investment losses.

Customers of Mr. Fowler or Worden Capital Management LLC should consult with a securities arbitration law firm.  If you or a loved one were a customer of Donald Fowler or Worden Capital Management LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbrokers Alfonse Stazzone and Maxim Beliakov from the securities industry for four months.  The financial advisors consented to the suspension after FINRA alleged that, while associated with Woodstock Financial Group, Inc., they excessively and unsuitably traded a customer’s account between September 2017 and August 2018. FINRA also fined both brokers $5,000 each.

Customers of Messrs. Stazzone and Beliakov or Woodstock Financial Group, Inc. who have suffered financial losses, or suspect that the brokers did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Woodstock Financial Group, Inc.

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Jason Seale from the securities industry for 15 business days.  Mr. Seale consented to the suspension after FINRA alleged that, while associated with American Wealth Management, Inc. in Novato, CA, he engaged in discretionary trading without written authorization in four customer accounts between February 2016 and December 2018.  FINRA also fined Mr. Seale $5,000.

Customers of Mr. Seale or American Wealth Management, Inc. who have suffered financial losses, or suspect that Mr. Seale did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as American Wealth Management, Inc.

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months.  Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively traded three customers’ accounts in violation of FINRA Rules 2111 and 2010.  In addition to the suspension, Mr. Cangialosi is also subject to a $7,500 fine and an order to pay $271,622 in restitution to clients.  However, it is unclear whether Mr. Cangialosi will be able to satisfy the restitution order.

Customers of Mr. Cangialosi or Worden Capital Management LLC, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of John Cangialosi or Worden Capital Management LLC, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II.  Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively traded ten customer accounts.

Earlier this year, FINRA has barred Christopher Orlando from the securities industry for excessively trading his customers’ accounts.   In December 2020, Worden Capital Management LLC was sanctioned more than $1.5 million by FINRA for, among other things, failing to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to excessive trading.

Mr. Bones, who was associated with Worden Capital Management LLC from November 2016 to December 2019, has a history of associations with firms that have been expelled by FINRA.  He is currently registered with SW Financial in New York, NY.

StockCross Financial Services, Inc. (“StockCross Financial”), which was acquired by Muriel Siebert & Co., Inc. (“Muriel Siebert”), consented to a censure and $250,000 fine in connection with FINRA’s findings that between July 2009 and December 2019, StockCross Financial had no reasonable surveillance system to review solicited transactions for excessive trading and suitability.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as StockCross Financial Services, Inc.

If you have lost money with StockCross Financial Services, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

The Financial Industry Regulatory Authority (“FINRA”) has suspended former Aegis Capital Corp. financial advisor Douglas Szempruch from the securities industry for 12 months.  Mr. Szempruch consented to the suspension after FINRA alleged that between August 2014 and June 2017, while associated with Aegis Capital Corp., he (1) recommended and executed excessive and unsuitable trades in six customer accounts; (2) exercised discretionary authority without prior written authorization to effect trade in seven accounts; and (3) sent email communications containing misleading statements about an investment opportunity from his firm-approved email account. FINRA also ordered Mr. Szempruch to pay nearly $100,00 in restitution to customers.   However, it is unclear whether Mr. Szempruch will be able to satisfy the restitution order.

Mr. Szempruch, who was associated with Aegis Capital Corp. (“Aegis Capital”) from June 2011 to June 2021, is the sixth Aegis broker, or former broker, to be disciplined by FINRA this year.  Separately, in March 2021, the firm itself was sanctioned by FINRA and ordered to pay restitution to customers.

Customers of Mr. Szempruch or Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of Douglas Szempruch or Aegis Capital, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

The Financial Industry Regulatory Authority’s Office of Hearing Officers has suspended stockbroker Kishan (Sean) Parikh for excessive trading and unauthorized trading.  Mr. Parikh, formerly of Aegis Capital Corp. (“Aegis Capital”), was suspended for 18 months and fined $5,000 for excessive trading.  He was also suspended for six months and fined $5,000 for unauthorized trades.  The suspensions will be served consecutively.  He was also ordered to pay restitution to two customers in the total amount of $40,919. However, it is unclear whether he will be able to satisfy the restation order and repay customers.

Customers of Mr. Parikh, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of Sean Parikh, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

To read our previous blog post about Mr. Parikh, please click on the following link: Former Aegis Capital Corp Broker, Kishan (Sean) Parikh, Facing Disciplinary Charges by FINRA for Unsuitable Investment Recommendations and Excessive Trading.

On July 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) and broker Christopher Orlando entered into a Letter of Acceptance, Waiver, and Consent No. 2017056432603 after FINRA alleged that from October 2015 through December 2018, Mr. Orlando excessively traded 13 accounts of 12 customers in violation of Rules 2111 and Rule 2010.  The alleged conduct occurred when Mr. Orlando was associated with Legend Securities (2015-2016) and Worden Capital Management LLC (2016-2019).

As part of the settlement terms with FINRA, Mr. Orlando consented to a bar from associating with any FINRA member brokerage firm in any capacity.

If you have suffered financial losses investing with Christopher Orlando or Worden Capital Management LLC, or suspect that Mr. Orlando 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.

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