Erez Law is currently investigating Spartan Capital Securities, LLC broker James Pecoraro (CRD# 2440231) regarding unauthorized trading. He has been registered with Spartan Capital Securities, LLC in Garden City, New York, since 2019. He was registered with SW Financial in Melville, New York, from 2016 to 2019, and with Primary Capital, LLC in Garden City, New York, from 2015 to 2016.
In February 2004, the Colorado Division Of Securities suspended him for three years and ordered him to pay $15,900 to two investors following allegations that he engaged in “unsuitable trading unauthorized trading, unfair and dishonest dealings, securities fraud, and failure to supervise.”
In December 2005, the state of Illinois denied his registration pursuant to section 8.E(1)(K) of the Illinois Securities Law.
In August 2006, theNew Jersey Bureau Of Securities alleged, “Pecoraro is the subject of a license suspension order substantially equivalent to an order of denial of agent registration by a state securities administrator. Pecoraro is the subject of a license suspension order from the state of Colorado alleging dishonest and unethical conduct in the securities business.”
In August 2010, FINRA sanctioned him to pay a civil and administrative penalty and fine of $10,000 and suspended him for 30 days following allegations that he “engaged in a pattern of trading activity in a customer’s account that was excessive in light of the customer’s objectives, financial situations and needs.”
In November 2010, the state of Illinois revoked his registration pursuant to section 8.e. (1)(J) of the act.
In August 2022, FINRA sanctioned him to pay a $10,000 civil and administrative penalty and fine and $68,886 in restitution and suspended him for nine months following allegations that he “excessively traded in customers’ accounts. The findings stated that Pecoraro recommended a pattern of high-cost and high-velocity trading in the customers’ accounts. Pecoraro frequently placed stop loss orders that operated to cause the liquidation of securities positions, after which Pecoraro made new purchase recommendations. Pecoraro’s customers routinely followed his recommendations and, as a result, Pecoraro exercised de facto control over their accounts.” FINRA found that he “effected a total of 325 trades resulting in annual turnover rates ranging from 13.47 to 57.97 and annualized cost-to-equity ratios ranging from 57.58 percent to 175.19 percent. Pecoraro’s trading was excessive and unsuitable given the customers’ investment profiles.”
In October 2022, due to the suspension with FINRA, the state of Maryland allowed him to consent “to not to reapply for registration as a broker-dealer, agent, investment adviser or investment adviser representative with the State of Maryland.”
James Pecoraro Customer Complaints
He has been the subject of 12 customer complaints between 2002 and 2025, three of which were closed without action, one was denied, and one was withdrawn, according to his CRD report. The most recent complaint was regarding:
January 2025. “Negligence, Misrepresentation, Breach of Fiduciary Duty, Deception, Exploitation, Negligent Supervisor.” The customer is seeking $500,000 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, Spartan Capital Securities, LLC may be liable for investment or other losses suffered by James Pecoraro’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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