Joseph Gunnar & Co. LLC Broker Anthony Sica Private Placement Losses
Posted on Wednesday, July 8th, 2020 at 2:38 pm
Did Joseph Gunnar & Co. LLC broker Anthony Sica (CRD# 1332626) recommend you invest in unsuitable private placements? Sica has been registered with Joseph Gunnar & Co. LLC in New York, New York since 2003.
In November 2017, FINRA sanctioned Sica to a $20,000 civil and administrative penalty/fine, $3,039.11 in restitution, and a 3-month suspension after he “consented to the sanctions and to the entry of findings that he made unsuitable recommendations to an elderly customer living on a fixed income. The findings stated that Sica repeatedly recommended that the customer purchase high-risk, speculative securities that were inconsistent with her investment profile. Sica’s recommendations often resulted in an undue concentration of the customer’s account, which represented substantially all of her liquid assets, in speculative securities. Further, Sica often engaged in short-term in-and-out trading of the speculative investments in the customer’s accounts causing substantial losses. Sica’s recommendations resulted in losses of more than $150,000. The findings also stated that Sica engaged in unauthorized trading by placing trades in the IRA accounts of a customer who Sica knew was deceased causing aggregated losses on the trades totaling approximately $3,039.”
Sica has been the subject of nine customer complaints between 1990 and 2020, according to his CRD report. The most recent complaint is regarding:
February 2020. “Claimant alleges unsuitable investments, negligent supervision, and related causes in connection with certain private placements made during the period 9/27/2011 – 8/28/2014.” The customer is seeking $750,000 in damages and the case is currently pending.
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, Joseph Gunnar & Co. LLC may be liable for investment or other losses suffered by Sica’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.