Were you the victim of Joseph Stone Capital L.L.C. financial advisor Erik Pica (CRD# 4829533) regarding overconcentrated and unsuitable investment recommendations? Pica has been registered with Joseph Stone Capital L.L.C. in New York, New York since 2015. Previously, Pica was registered with Global Arena Capital Corp. in New York, New York from 2012 to 2015.
Pica has been the subject of seven customer complaints between 2010 and 2018, two of which were denied, according to his CRD report:
- May 2018. “Unauthorized trade of 6000 shares Rite Aid Corp. Unauthorized trade of 550 shares Valeant Pharmaceutical.” The customer is seeking $7,613.65 in damages and the case is currently pending.
- May 2018. “Negligent supervision, over-concentration, suitability.” The customer is seeking $293,000 in damages and the case is currently pending.
- March 2018. “Unsuitable securities, highly speculative, commissions, retirement funds, churning, negligent supervision.” The customer is seeking $500,000 in damages and the case is currently pending.
- July 2017. “Failure to treat claimant in a just and equitable manner; breach of fiduciary duty; breach of contract; negligence and negligent misrepresentation.” The customer is seeking $120,000 in damages and the case is currently pending.
- December 2011. “Customer claims RR represented he owned the ETF he was recommending customer to purchase. Customer claims he did not fully understand the product.” The customer sought $5,133 in damages and the case was settled for $4,999.
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 Stone Capital L.L.C. may be liable for investment or other losses suffered by Pica’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.