September 2021- Rockville Center, NY
According to publicly available records Jason Paul Collichio (CRD#4727199) , a stockbroker currently registered with Worden Capital Management discloses a regulatory matter that resulted in a suspension and fine.
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 1/2021, to resolve FINRA allegations that Collichio failed to reasonably supervise two former Worden Capital brokers who engaged in a pattern of recommending unsuitable active trading strategies to customers and churned customer accounts, he consented to a suspension (in any principal capacity) for 3 months (1/19/21-4/18/21) and a fine of $5,000.
FINRA found that Collichio, the firm’s principal responsible for supervising the brokers, was aware of multiple red flags of excessive, unsuitable use of margin, and churning, including high cost-to-equity ratios and high turnover rates in customer accounts.
Collichio has been employed with Worden Capital Management since 3/2009.
If you have questions about an investment account handled by Jason Paul Collichio contact us for a no charge consultation to learn about your legal 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.
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