Erez Law is currently investigating former Meyers Associates, L.P. broker Anthony Mastroianni Jr. (CRD# 2151249) regarding excessive trading and churning in customer accounts. He was registered with Meyers Associates, L.P. in New York, New York from 2013 to 2016.
In December 2016, FINRA barred him from acting as a broker or otherwise associating with firms that sell securities to the public. According to the Acceptance, Waiver & Consent, “Mastroianni consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony related to allegations that he engaged in excessive trading or churning in an elderly customer’s account maintained at his former member firms, and borrowed funds totaling $90,000 from that customer and an additional customer in four transactions, without notifying his firms or obtaining their approval.”
In August 2020, FINRA suspended him indefinitely after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In August 2022, the Securities and Exchange Commission (SEC) opened an investigation into Anthony Mastroianni Jr. and Global Business and Development and Consulting Corp. The SEC complaint alleged that, “between at least February 2017 – May 2022 (the “Relevant Period”), Mastroianni offered and sold securities in the form of promissory notes issued by Global (the “Global Notes”), by making materially false and misleading statements and omitting material facts. During this period, Defendants sold securities to at least eleven investors and raised at least $1.2 million from the sale of the Global Notes. Mastroianni falsely represented to at least certain of the investors that, among other things, the money they invested in the Global Notes would be used to make loans to other businesses, which would generate the profits used to repay the Global Notes. The Global Notes promised investors extraordinarily high interest rates, ranging from 50% to 175%. Contrary to Defendants’ representations, Mastroianni used significant amounts of investor money raised through the sale of the Global Notes to fund his lifestyle and pay for various personal expenses. Defendants have defaulted on the Global Notes, and investors have not been repaid either the principal or the interest they are owed under the terms of the Global Notes.”
Anthony Mastroianni Jr. Customer Complaints
Anthony Mastroianni Jr. has also been the subject of seven customer complaints, four of which were denied, between 2007 and 2020, according to his CRD report:
May 2018. “Anthony Mastroianni, Jr. was named in a customer complaint that asserted the following causes of action: common law fraud; breach of fiduciary duty; negligence (gross negligence); breach of contract; unsuitability; overconcentration; and negligent supervision.” The case was settled for 250,000 in damages in June 2020.
July 2016. “Allegations are unsuitable investment, breach of fiduciary duty, breach of contract, churning and outstanding loans from customer.” The customer sought $2,000,000 in damages and the case was settled for $540,000.
June 2016. “Anthony Mastroianni, Jr. was named in a customer complaint that asserted the following causes of action: churning; unsuitable investment recommendations; breach of fiduciary duty; violation of the Michigan Uniform Securities Act of 2002; breach of contract; conversion; violations of FINRA Rule 3240; negligent supervision; and liability under agency law, respondeat superior, and/or as statutory control persons. The causes of action related to Claimant’s allegations that Mastroianni engaged in “in and out” trading of the same unspecified speculative stocks in Claimant’s account for the sole purpose of maximizing commissions and took two personal “loans” from Claimant. Claimant further asserted that the respondent’s member firms did not properly supervise Mastroianni.” The customer sought $2,000,000 in damages and was awarded $540,000 in damages.
July 2015. “Churning and mishandling of account.” The customer is seeking $60,000 in damages.
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, Meyers Associates, L.P. may be liable for investment or other losses suffered by Anthony Mastroianni Jr.’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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