Former Aegis Capital Corp. Broker Anthony Tricario Unsuitable Investment Recommendations

Aegis Capital Corp

Erez Law is currently investigating former Aegis Capital Corp. broker Anthony Tricario (CRD# 1047416) related to unsuitable investment recommendations. He has been registered with Aegis Capital Corp. in New York, New York from 2010 to 2020.

In March 1992, New York Stock Exchange (NYSE) censured and suspended him following allegations that he “engaged in conduct inconsistent with just and equitable principles of trade in that he opened securities accounts for one or more customers of his member organization employer without the knowledge or authorization of such customers and effected one or more unauthorized trades in one or more customer accounts of his member organization employer.” The NYSE found that he “opened new accounts and effected transactions in those accounts without customer authorization. Tricarico was censured and suspended from membership, allied membership, approved person status, and from employment or association in any capacity with any NYSE member or member organization for a period of nine months. In sustaining the exchange, the commission rejected Tricarico’s efforts to challenge the credibility of the complaining customers. The commission noted that the exchange’s hearing panel, which heard their testimony as well as the contradictory testimony of Tricarico, found the customers “very convincing–they were faced with stocks they never ordered, and had the wit to reject these purchases and voice their complaints.”  

In May 1995, the State of New Jersey Bureau of Securities alleged that he “applied for agent registration after expiration of his suspension from nyse for opening securities accounts in the names of customers without their knowledge or authorization and unauthorized transactions in those accounts. As a result of applicant’s prior dishonest and unethical practices, his registration was denied.”

In January 2021, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for six months after he consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading in the accounts of his customers. FINRA found that his trading “generated high cost-to-equity ratios and turnover rates as well as significant losses and commissions.” FINRA found that because he recommended the trading in the customers’ accounts and the customers followed his recommendations, he exercised de facto control over the customers’ accounts. 

Anthony Tricario Customer Complaints

He has been the subject of three customer complaints between 1990 and 2021, according to his CRD report. The most recent complaint was regarding: 

February 2021. “Time frame: unspecified. Claimants allege unsuitable investments.” The case was settled for $450,000.

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, Aegis Capital Corp. may be liable for investment or other losses suffered by Anthony Tricario’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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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.