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New York State Broker Albert Foronda Recovery Loss Options

Posted on Wednesday, December 11th, 2019 at 2:04 pm    

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Were you the victim of New York state broker Albert Foronda (CRD# 5737620)? Foronda has been registered with Spartan Capital Securities, LLC in New York, New York since 2017. Previously, Foronda was registered with Worden Capital Management LLC in New York, New York from 2016 to 2017 and previously with Legend Securities, Inc. in New York, New York from 2011 to 2016.

In November 2019, FINRA made a preliminary determination to recommend that disciplinary action be brought against Foronda, alleging unauthorized transactions and exercising discretion without written authorization.

Foronda has been the subject of three customer complaints between 2017 and 2019, according to his CRD report:

May 2019. “Allegations of unsuitability, excessive trading, negligence.” The customer is seeking $650,000 in damages and the case is currently pending. This case was regarding common and preferred stocks and options and took place while Foronda was registered with Spartan Capital Securities, LLC.

April 2018. “Breach of Fiduciary Duty, breach of contract, negligence.” The customer is seeking $90,000 in damages and the case is currently pending. This case was regarding common and preferred stocks and equity OTC and took place while Foronda was registered with Legend Securities and Worden Capital Management LLC.

July 2017. “Customer alleged that a transaction made in his account wasn’t authorized.” The customer sought $17,228.90 in damages and the case was settled for $14,000. This case was regarding common and preferred stocks and took place while Foronda was registered with Worden Capital Management LLC.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Worden Capital Management LLC and other brokerage firms may be liable for investment or other losses suffered by Foronda’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.