Supervisory Violations

Former Worden Capital Management LLC Principal, Henry Bones II, Suspended by FINRA – New York, NY

Published on: August 12, 2021 | by Iorio Altamirano

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.

Aegis Capital Fined and Censured by FINRA

Published on: March 11, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of 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 Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

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Investor Alert: Iorio Altamirano LLP Investigates The GMS Group LLC Over Fair Pricing and Supervisory Violations

Published on: February 23, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating The GMS Group LLC (“GMS”) after the firm was censured and fined $90,000 for charging unfair and unreasonable prices to customers in 49 transactions involving below investment grade municipal bonds. As part of the AWC, GMS was also ordered to pay approximately $42,446 plus interest in restitution to customers.

If you have lost money with GMS, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

GMS and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on February 5, 2021, over the following findings: