Investigation of Former Spartan Capital Securities, LLC Broker Christopher Orlando
Posted on Thursday, September 9th, 2021 at 12:12 am
Can I recover losses from investments with former Spartan Capital Securities, LLC broker Christopher Orlando (CRD# 4136262)? Orlando has been registered with Spartan Capital Securities, LLC in New York, New York from January 2020 to May 2021. Prior to that, Orlando was registered with St. Bernard Financial Services, Inc. in Russellville, Arizona from 2019 to 2020 and with Worden Capital Management LLC in New York, New York from 2016 to 2019.
In June 2021, FINRA barred Orland after he “consented to the sanction and to the entry of findings that he engaged in quantitatively unsuitable trading in customer accounts. The findings stated that Orlando recommended high frequency trading in the customer accounts, and he often recommended the sale of one security and the simultaneous investment of the sale proceeds into a new security within short time periods. Orlando’s customers routinely followed his recommendations and, as a result, Orlando exercised de facto control over the customers’ accounts. Orlando’s trading in these customers’ accounts was excessive and unsuitable given the customers’ investment profiles. As a result of Orlando’s excessive trading, the customers suffered collective realized losses of $483,680, while paying total trading costs of $581,216, including commissions of $496,872.”
Orlando has been the subject of two customer complaints between 2013 and 2015, one of which was denied and one was closed without action, according to his CRD report.
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 Orlando’s customers.
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