Category Archives: Churning

Erik Pica-Joseph Stone Capital Broker-Discloses Customer Disputes & FINRA Investigation- New York, NY

October 2019 – New York, New York

The FINRA records of Erik Patrick Pica  , a  stockbroker who is employed by Joseph Stone Capital disclose 3 pending customer dispute, 4 prior customer disputes and a currently pending FINRA investigation.

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 May of 2018,  a customer Global Arena Capital Corp. was paid $30,000 to resolve allegations of negligent supervision, over-concentration and suitability in  FINRA Case 18-01555.

In December of 2011, a customer of First Midwest Securities, Inc.  was paid $4,999 to resolve allegations that Pica owned the ETF he was recommending the customer to purchase.

In pending FINRA case 18-01506 a customer of Joseph Stone Capital alleges that Pica made unauthorized trades in the account with alleged damages of $7,600.

In pending customer dispute filed by a Joseph Stone Capital customer, alleges unsuitable securities, highly speculative recommendations, churning and negligent supervision and seeks damages of $500,000.

Pending FINRA case 17-01681, filed by a Joseph Stone Capital customer, alleges failure to treat claimant in a a just and equitable manner; breach of fiduciary duty; breach of contract; negligence and negligent misrepresentation and seeks damages of $120,000.

In July 2019, FINRA initiated Investigation Matter #20190619475 alleging that Pica made various violations of FINRA rules, including wrongfully taking customer funds and providing false and misleading information to his firm as well as FINRA staff. The matter is currently pending.

Pica is currently employed with Joseph Stone Capital.   From January of 2012 until April of 2015, he was employed by Global Arena Capital Corp.,  before that he was employed with First Midwest Securities, Inc., Chicago Investment Group and Eastbrook Capital Group, all in New York City.

If you have problems in an account  handled by Erik Patrick Pica  call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jack D. Stone-Former Forest Securities Broker-Discloses Customer Disputes & Regulatory Issues-Hillside, IL

September 2019 – Hillside, IL

The FINRA records of Jack David Stone  , a former stockbroker who was last employed by  Forest Securities, Inc. disclose 4 regulatory events, 1 pending customer dispute, 2 prior customer disputes, a termination from employment and a bankruptcy.

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 9/2019, FINRA  without admitting or denying the findings,  Stone consented to the sanction and to the entry of findings that he refused to appear for  FINRA on-the-record testimony in connection with an investigation into his securities activities while at his member firm, including possible misrepresentations to customers, use of discretion and unauthorized transactions.  Stone was permanently barred from the securities industry by FINRA.

In 1/2013 a customer of his prior employer Birkelbach Investment Securities was paid $100,000 to resolve allegations that Stone made unsuitable investments and churned the customer’s account. FINRA Case 11-822,

In pending FINRA case 17-2211 a customer of Forest Securities alleges that Stone churned the account, committed fraud and made unauthorized trades in the account. Damages are not specified.

In 5/2000 Stone was permitted to resign from Schwab Capital Markets following being barred from New York Stock Exchange membership for three years.

Stone discloses a pending Chapter 7 bankruptcy in the Bankruptcy Court for the Northern District of Illinois.

Stone was employed by Forest Securities from 4/2012-8/2019.

If you have problems in an account  handled by Jack D. Stone  call for a no charge consultation .

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

John Calardo- Former Worden Capital Broker- Discloses $300K Pending Customer Suit Alleging Churning- NYC

September 2019, New York, NY

According to publicly available records John Calardo   (CRD# 6063938) ,  a  currently unregistered stockbroker who previously registered  with Four Points Capital Partners & Worden Capital Management,  disclose a currently pending customer dispute.

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 2/2019,   FINRA case #19-00424 was filed on behalf of a Worden Capital Management customer from Wisconsin alleging violation of the Wisconsin Uniform Securities Act, negligence and negligent misrepresentation, unsuitability, fraud, churning and excessive trading.   The customer is seeking damages in excess of $300,000.

John Calardo   was employed  with Four Points Capital Partners from 3/2017-5/2018 .  He was previously employed with Worden Capital Management  from 11/2016 -3/2017.  Before that he was with Legend Securities, Inc. Joseph Gunnar & Co. and Brookstone Securities.

If you have questions about an investment account handled by John Calardo  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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jason A. Wilk-Former Worden Capital Broker-Subject of Recently Filed Suit Alleging Churning-New York

September 2019, New York, NY

We recently filed a FINRA arbitration against Worden Capital Management on behalf of a resident of New Jersey.

Our client alleges that Worden Capital failed to supervise their registered representative Jason Andrew Wilk and allowed him to make unauthorized and unsuitable trades and churn the account to generate commissions. Damages of between $100,000-$500,000 are sought.

According to publicly available records Jason Wilk  ,  a  stockbroker  who is not currently registered  and who was last employed by Worden Capital Management ,  disclose 5 prior customer disputes and two currently pending judgement/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 addition to our recently filed case, Wilk ‘s  prior customer disputes include:

In 6/2016 a customer of Wilk’s prior employer Meyers Associates was paid $14,999 to settle FINRA case 16-01526 in which the customer alleged that WIlk made unauthorized and unsuitable trades.

In 9/2016 a customer of Wilk’s prior employer National Securities Corp. was paid $15,000 to resolve allegations that he recommended unsuitable investments.

In 9/2016 another customer of Wilk’s prior employer National Securities Corp. was paid $22,500 to resolve allegations that Wilk made unauthorized trades in the account.

Wilk discloses two currently outstanding judgment/liens in the Civil Court of the City of New York:

  • $4,840 in favor of Capital One Bank USA
  • $7,670 in favor of Absolute Resolutions Investments

Jason A. Wilk  was  employed by Worden Capital Management from 10/2017-4/2019 .  He was previously employed by Craft Capital Management from 5/2017-9/2017. Prior to that he was registered with Windsor Street Capital from 11/2016-1/2017. Windsor Street Capital was expelled from the industry by FINRA in 5/2018. Wilk was registered with National Securities Corp , Laidlaw & Company and Alexander Capital earlier in his career.

If you have losses in an investment account handled by Jason A. Wilk,  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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870