MARCH 2019 UPDATE-The SEC entered a consent judgment against WIlliam Gennity who was charged with defrauding customers by making unsuitable and unauthorized trades and churning customers’ accounts to generate commissions. Gennity was ordered to pay over $300,000 in disgorgement and penalties. Link to SEC press release.
April 2018 Update– According to his FINRA record, Rocco Roveccio is the subject of recently file FINRA arbitration 17-3364 in which a customer of Alexander Capital alleges churning and unauthorized trading and is seeking damages of $115,995.
September 2017-New York
Two New York City brokers, who at the time were working for Alexander Capital L.P., have been charged with securities fraud by the Securities and Exchange Commission. William (aka Billy Gennity ) Gennity,30, and Rocco Roveccio, 42, have been charged with making unsuitable recommendations to customers resulting in ill-gotten gains for Gennity and Roveccio.
According to the complaint filed by the SEC , Gennity and Roveccio:
- knew or recklessly disregarded that their recommendations were not suitable for anyone
- made recommendations that were unsuitable for certain of their customers in light of those customers needs, investment objectives and circumstances.
- made material misrepresentations and omissions to customers.
- churned customer accounts, and
- engaged in unauthorized trading
As a result nearly $500,000 in commission were earned by Gennity, Roveccio and Alexander Capital LP, while the clients suffered losses of nearly $700,000.
William C. Gennity of Staten Island, NY, was employed by Alexander Capital 4/2012-10/2014 and worked at eight different firms during his 13 year career in the securities industry. He is currently employed by First Standard Financial Company. His FINRA record discloses 3 pending customer disputes and 3 prior customer disputes.
Rocco Roveccio of Freehold, NJ, was employed by Alexander Capital 6/2012-10/2014 and was employed by 15 different firms during his 22 years in the securities industry. He is currently employed by First Standard Financial Company. Roveccio’s FINRA record discloses 3 prior customer disputes and two outstanding judgment liens. In one of the customer disputes brought by a customer of his former employer, LCP Capital Corp, the customer alleged unauthorized trading, suitability, breach of fiduciary duty and churning. The customer was awarded damages of $216,275.
In FINRA Case 13-01691, a customer of Alexander Capital LP alleged unauthorized trading, breach of fiduciary duty and unsuitability and was paid a settlement of $87,500 by Roveccio.
If you have questions about losses in an account handled by William Gennity or Rocco Roveccio, call to learn how you may be able to recover damages from their prior employer.
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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