Erez Law is currently investigating former Spartan Capital Securities, LLC broker John Palma (CRD# 6848651) regarding excessive trading resulting in investment losses. He was registered with Spartan Capital Securities, LLC in New York, New York, from 2022 to 2025, SW Financial in New York, New York, from 2019 to 2022, and Worden Capital Management LLC in New York, New York, from 2017 to 2019.
In March 2025, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA. The findings stated that this matter originated from a FINRA cycle examination of Palma’s former member firm.”
In May 2025, he entered into an Acceptance, Waiver and Consent (AWC) with the state of Maryland, and he consented to the findings that he failed to produce information or documents requested. He agreed to a bar from associating with any FINRA member in all capacities.
John Palma Customer Complaints
He has been the subject of three customer complaints between 2021 and 2024, one of which was closed without action, according to his CRD report:
March 2024. “Time Frame: 02/2023 * 08/2023 Excessive Trading.” The customer sought $500,000 in damages, and the case was settled for $90,000. The complaint took place while he was registered with Spartan Capital Securities, LLC. The complaint was regarding equity OTC and common and preferred stocks.
October 2022. “John Palma was a subject of the customer’s complaint against his member firm that asserted the following causes of action: unsuitability, breach of fiduciary duty, breach of contract, negligence, unjust enrichment, strict liability, and failure to supervise.” The customer is seeking $10,900,000 in damages. The complaint took place while he was registered with SW Financial.
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 John Palma’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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