Did you lose money investing with former First Standard Financial Company LLC broker Philip Noto (CRD# 4837180)? He was registered with First Standard Financial Company LLC in Red Bank, New Jersey, from 2014 to 2018. According to BrokerCheck, he has been a registered representative with First Standard Financial Company in New York, New York.
In June 2018, the United States Securities And Exchange Commission sanctioned him to a $20,000 civil and administrative penalty and fine after the regulatory agency found that he “failed reasonably to supervise two registered representatives, (“RR1” and “RR2”) with a view to preventing and detecting their violations of the federal securities laws from approximately December 2012 through July 2014 while Respondent, RR1 and RR2 were each associated with Alexander Capital, L.P. (“Alexander Capital”), a registered broker-dealer. During this time period, RR1 and RR2 violated Section 17(a) of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder by, among other things, making unsuitable investment recommendations to their customers and churning their customers’ accounts.”
In April 2019, FINRA barred the broker after he failed to respond to FINRA request for information. The broker failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.
In October 2019, the New Jersey Bureau of Securities expelled him from a self-regulatory organization.
Philip Noto Customer Complaints
He has been the subject of two customer complaints between 2019 and 2026, according to his CRD report:
July 2020. “Noto was named in a customer complaint that asserted the following causes of action: fraud; breach of fiduciary duties; negligence; and aiding and abetting.” The customer is seeking $5,000,000 in damages, and the case is currently pending. The complaint took place while he was registered with First Standard Financial Company LLC.
February 2019. “Unauthorized trading & suitability.” The customer is seeking $668,000 in damages, and the case is currently pending. The complaint was regarding stock losses. The complaint took place while he was registered with First Standard Financial Company LLC, Oppenheimer, and National Securities Corp.
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, First Standard Financial Company LLC may be liable for investment or other losses suffered by Philip Noto’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.
"*" indicates required fields
