January 2020-Red Bank, NJ
According to publicly available records of Philip Joseph Sparacino (CRD#3243960) , a former stockbroker who last worked for First Standard Financial, discloses 2 regulatory events, a pending customer dispute and a termination from employment.
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 11/2019 FINRA permanently barred Sparacino from the securities industry after he refused to produce information and documents in connection with a FINRA investigation that he engaged in unauthorized, excessive and unsuitable trading in customer accounts.
In 10/2019 New Jersey Bureau of Securities assessed civil and administrative penalties and fines in connection with a fraud investigation. The regulator alleged that Sparacino made untrue statements and omitted to state material facts necessary in order to make the statements made and engaged in dishonest or unethical business practices in the securities business. The monetary sanctions were $250,000.
In 12/2018, FINRA case 18-04014 was filed by a customer of First Standard Financial Company alleging churning and unsuitable trades with alleged damages in the amount of just over $90,000. This case is pending.
In 10/2019, Sparacino was permitted to resign from his employment with First Standard Financial after a State of New Jersey Revocation Order was filed.
Sparacino was employed by First Standard Financial Company from 7/2014 until 10/2019 Prior to that time he was with Alexander Capital, Brookstone Securities, Mercer Capital, Newbridge Securities Corporation and Investors Capital Corp.
If you had an account with Philip Joseph Sparacino that suffered losses, you may be entitled to collect damages from his prior employer. 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.
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