Joseph M. Giordano and Roberto Birardi / Aegis Capital Investigation
March 2022-Greenwood, SC
According to publicly available records Joseph M. Giordano and Robert Birardi, stockbrokers who are currently employed by Aegis Capital Corp. disclose regulatory suspensions.
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.
According to a FINRA News Release Giordano and Birardi consented to the sanctions and to the entry of findings that they failed to reasonably supervise their member firm’s registered representatives who worked in one of its branch offices. The findings stated that as a designated supervisory principals, Giordano and Birardi were presented with but did not respond to multiple red flags identifying potentially excessive and unsuitable trading in customer accounts managed by the representatives, including, among others, exception reports generated by the firm’s clearing firm. As a result, the firm representatives engaged in excessive and unsuitable trading in customer accounts, generating combined customer costs (including commissions, markups or markdowns, margin interest and fees) of more than $2.6 million, and cumulative losses of $4 million.
FINRA Hits Aegis Capital With $2.8 Million in Sanctions
FINRA sanctioned Aegis $2.8 million. Giordano was fined $10,000 and assessed a supervisory suspension of six months. Birardi was fined $5,000 and assessed a three month supervisory suspension.
Joseph Giordano has been registered with Aegis Capital Corp. since February 2010. He is also registered with Accepts Capital Corp. since 2016.
Robert Birardi has been employed by Aegis Capital Corp. since March of 2010.
If you had an account with Joseph Giordano or Robert Birardi that suffered losses, or if you have questions about how your account at Aegis Capital is being handled, 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.
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