Updated November 2018-Sparta, New Jersey
The FINRA records of Raymond J. PIrrello, Jr. , a stockbroker who was last employed by Garden State Securities, disclose 2 final regulatory events , 1 pending and 10 prior customer disputes. Pirrello is the subject of a civil suit filed the the Securities and Exchange Commission charging him and two others with insider trading in the securities of Radiant Systems, Midas Incorporated and Brightpoint.
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.
In pending FINRA case 18-0728 filed in 2/2018, a customer of Garden State Securities alleges damages of $400,000 for unauthorized trading, negligence and unsuitable investments for the time period 10/2012-10/2016 .
In FINRA case 17-0365 , a customer of Garden State Securities alleged that Pirrello caused damages of $1 million due to unauthorized trading, unsuitable investments, churning and negligence. That case was settled for $300,000 in 4/2018.
In 11/2018 Pirrello was suspended by FINRA for 18 months and fined $20,000 to resolve allegations that he used text messaging in violation of firm policy and then provided misleading on the record testimony to FINRA. In addition, FINRA alleged that Pirrello paid two customers in an attempt to settle complaints over losses in their accounts and hid the settlements from his firm.
On July 7, 2016, the U S Securities and Exchange Commission filed an insider trading injunction against former Pirrello, Jr.,Thomas W. Avent, Jr. , 63, of Atlanta, who is a tax partner with KPMG LLP, one of the world’s largest accounting firms, and Lawrence J. Penna, age 72, of Edgewater, New Jersey, a long time friend of Pirrello– filed in the U.S. District Court for the Northern District of Georgia. SEC v. Pirello, et al, Case 1:16-cv-02459-SCJ.
Pirrello was employed by Garden State Securities in Hackensack, New Jersey, from 8/2008- 5/2016. He was previously employed by The Concord Equity Group and J.P. Turner & Co. Pirrello discloses business affiliations with Valeo Capital Markets, Valeo Financial Group and Valeo Consulting.
We are currently evaluating potential cases for investors who suffered losses in accounts handled by Raymond J. Pirrello. Call for a no charge consultation to discuss your options for recovery.
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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