Former First Standard Financial Company LLC Broker Philip Sparacino Investment Loss Options
Posted on Monday, March 9th, 2020 at 9:17 pm
Were you the victim of former First Standard Financial Company LLC broker Philip Sparacino (CRD# 3243960)? Sparacino was registered with First Standard Financial Company LLC in Red Bank, New Jersey from 2014 to 2019, when he was terminated regarding, “State of NJ revocation order.”
In November 2019, FINRA barred Sparacino after he, “consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA while investigating allegations that he engaged in unauthorized, excessive, and unsuitable trading while registered through his member firm.”
In October 2019, the New Jersey Bureau of Securities sanctioned Sparacino to a $250,000 civil and administrative penalty and fine regarding the following sanctions: “Sparacino employed a device, scheme, or artifice to defraud. Sparacino made untrue statements and omitted to state material facts necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading. Sparacino engaged in an act, practice, or course of business which operates or would operate as a fraud or deceit upon any person. Sparacino engaged in dishonest or unethical business practices in the securities business.”
Sparacino has been the subject of three customer complaints between 2018 and 2019, two of which were closed without action, according to his CRD report:
December 2018. “Churning and unsuitable trades.” The customer is seeking $90,198 in damages and the case is currently pending. This complaint is regarding common and preferred stocks.
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 Sparacino’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.