StockBroker Sanctioned for Mutual Fund Churning

StockBroker Sanctioned for Mutual Fund Churning

StockBroker Sanctioned for Mutual Fund Churning 150 150 Rex Securities Law

August 4,2015

Ronald J. Benevento of Holbrook, NY entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he engaged in unsuitable mutual fund switching in three customer accounts from 9/2011-4/2013. In addition, FINRA found that he mismatched 15 order tickets as “unsolicited” causing his member firm to maintain inaccurate books and records in violation of FINRA rules.

With regard to the mutual fund switching, FINRA found that Benevento recommended 29 mutual fund switch transactions in three customer accounts without having reasonable grounds for believing that such transactions were suitable for those customer and causing losses of $45,000.

AWC NO. 20130353695

Benevento was suspended for 60 days and assessed a fine of $5,000.  According to FINRA records Benevento was registered with American Portfolios Financial Services from 3/2010-3/2015. Prior to that he was registered with AXA Advisors.

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.

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Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 


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