John LoPinto Investigation
May 2022- New York, NY
The FINRA records of John LoPinto, a currently unregistered broker who was last employed by Worden Capital Management, disclose 2 regulatory events and 3 prior customer disputes, a pending customer dispute and 6 tax liens.
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 1/2022 FINRA suspended LoPinto for nine months and ordered restitution of $135,000 to resolve allegations that he excessively traded customer accounts and exercised de facto control over his customers’ accounts. According to FINRA, as a result of LoPinto’s excessive trading, customers realized losses of more than $240,000 while paying trading costs of more than $205,000. LoPinto also traded accounts without authority.
In 9/2020 the Securities and Exchange Commission assessed a fine of $40,000 and issued a cease and desist to LoPinto to resolve allegations that LoPinto misrepresented investments.
In July of 2012, FINRA case #12-02599, filed by a customer of National Securities Corp.- where LoPinto had formerly been employed – alleged negligence, breach of fiduciary duty, breach of contract, misrepresentation, unsuitable and excessive trading. The case settled for $50,000 with $20,000 paid by LoPinto individually.
In August of 2012, FINRA case #12-02703, filed by a customer of J.P. Turner & Company – another of LoPinto’s former employers- alleged negligence, churning, unsuitability, fraud, breach of contract and breach of fiduciary duty. The case settled for $240,000 with $120,000 paid by LoPinto individually.
In January of 2021, FINRA case #21-00104, filed by a Worden Capital Management customer, alleged churning and quantitive suitability, and misrepresentation and suitability with damages of almost $90,000. This case is still pending.
FINRA records show that LoPinto has hundreds of thousand of dollars owed in outstanding NY tax and IRS liens.
LoPinto was employed with Worden Capital Management from November of 2016 until November of 2019. Before that he was with Legend Securities, Inc. from August 2011 to November 2019, with J.P. Turner & Company from February 2010 to August 2011, with National Securities Corporation from January 2009 to February 2010.
If you have questions about an account handled by John LoPinto, call for a no charge consultation to learn more 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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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