Articles Tagged with FINRA Rule 3110

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. 

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. 

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.

FINRA has censured and fined Miami-based brokerage Primary Capital, LLC (“Primary”) over supervisory failures and advertising violations related to its EB-5 business. The EB-5 Immigrant Investor Program is overseen by the United States Citizenship and Immigration Services (USCIS) and was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.

According to FINRA, Primary acted as finder or placement agent for at least 70 EB-5 offerings during the period of December 2013 through February 2019.

If you have suffered investment losses with Primary Capital, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has fined and censured the O.N. Equity Sales Company, Inc. (“ONESCO”) over the firm’s failure to supervise a broker’s recommendations involving the purchase and liquidation of variable annuities. ONESCO was fined $275,000 and ordered to pay $1 million in restitution to customers.

Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. Typically, variable annuities assess surrender charges for customers taking early withdrawals beyond a specified percentage of the annuity’s account value. Customers can also incur tax penalties and additional charges for early withdrawals. As such, they are generally not appropriate for customers with a short-term investment horizon.

If you have lost money with ONESCO, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA has fined UnionBanc Investment Services, LLC (“UBIS”) $100,000 over supervisory violations related to variable annuity transactions and exchanges.

Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. 

If you have lost money with UnionBanc Investment Services, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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