John Orlando Investigation
March 2023- Ft. Lauderdale, FL
The FINRA records of John Anthony Orlando , a currently unregistered broker who was last employed by SW Financial, disclose 2 regulatory events, 5 prior customer disputes, and 3 pending customer disputes.
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 March of 2022, FINRA case #20190636333301 named Orlando as a respondent in a complaint alleging that he churned and excessively traded in a customer’s account. He exercised de facto control over a customer’s account, controlling the volume and frequency of trading, deciding what securities to buy and sell, the quantities, the price and when each transaction would occur. The customer relied on Orlando to make securities recommendations and consistently followed his recommendations. According to FINRA, Orlando’s trading in the customer’s account was excessive and quantitatively unsuitable and generated more than $650,000 in commissions for himself and his member firm and more than $770,00 in additional costs that was paid to the underwriters of the offerings. The customer experienced approximately $1,245,000 in losses. The complaint alleged that Orlando did not have reasonable basis to believe that the transactions and strategy he recommended were suitable for any customer. Sanctions include a suspension and monetary fine.
In 2/2023 FINRA suspended Orlando for his failure to pay arbitration fees. As of the date of this post, Orlando is not currently registered with any broker dealer.
In FINRA case #17-01615, a customer of his former employer, Sterne Agee Financial Services, alleged that their assets were concentrated into one area and that Orlando made unsuitable recommendations between June of 2012 and March of 2015. The customer was awarded $85,000 by a FINRA arbitration panel..
In FINRA arbitration #20-002201 a customer of Mr. Orlando’s previous employer, WestPark Capital, alleged that between August 2016 and March 2017, client invested to get access to shares of a company prior to it going public. The client alleged breach of fiduciary duty and negligence. The case settled for $30,000 with Orlando paying $10,000 personally.
In FINRA arbitration #20-01721, a customer of Mr. Orlando’s previous employer, Newport Coast Securities and WestPark Capital, alleged that Orlando churned their account and made unsuitable recommendations. That case settled for $1,050,000.
In September 2021, FINRA case #21-02353 , filed by an Newport Coast Securities and WestPark Capital customer alleged unauthorized trading, over concentration, unsuitable investments, fraud and deceit and breach of contract with alleged damages of $1,200,000. The case is pending.
Orlando was employed by SW Financial from 11/2019- 2/2023. Prior to that he was with WestPark Capital, Inc., Newport Coast Securities, Inc. and Sterne Agee Financial Services.
If you have losses in an account handled by John Orlando, contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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, at no cost to you.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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