February 2017-Sarasota, Florida
According to publicly available records David A. Cusano , (CRD# 1805308) , a stockbroker who is not currently registered and who was last employed by Sandlapper Securities, discloses a pending regulatory matter, 3 prior customer disputes that have been settled and two separations from employment after allegations.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Cusano discloses the following FINRA arbitrations that have been settled:
- 12-0594-a customer of his prior employer NEXT Financial Group alleged damages of $100,000 for unsuitable investments. That case was settled for $50,000
- 12-2302-a customer of his prior employers NEXT Financial Group, High Mark Securities and SII Investments alleged damages of $1,593,168 for losses on annuities. That case was settled for $95,000.
- 11-3339-a customer of his prior employer NEXT Financial Group alleged damages of $945,030 for excessive trading in unsuitable products, misrepresenting fees and commissions that would be charged, failure to disclose material information and breach of fiduciary duty. That case was settled for $330,000.
According to his disclosures, in November 2016 the Florida Office of Financial Regulation filed a cease and desist action seeking sanctions, including a permanent bar from the industry for borrowing from customers, engaging in prohibited business practices and failing to observe high standards of commercial honor. FL Docket Case 58302-S.
In 2002, Cusano voluntarily resigned from Walnut Street Securities on allegations that he participated in selling an unregistered security away from the firm. In 2010 Cusano was permitted to resign from NEXT Financial for submitting variable annuity forms that contained inaccurate information.
Cusano’s registrations include:
- Sandlapper Securities– 6/2014-1/2015
- Invest Financial Corp.-7/2011-6/2014
- Sterling Enterprises– 1/2011-7/2011
- J.P. Turner & Co.-7/2010-10/2010
- NEXT Financial Group– 8/2007-6/2010
If you have losses in an account handled by David A Cusano, call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900