May 2017 UPDATE-FINRA records disclose that Raymond J. Pirrello, Jr. has 9 prior final customer disputes and one currently pending customer dispute.
In FINRA case 17-0365 filed in 2/2017, a customer of Garden State Securities alleges damages of $1 million for unauthorized trading, unsuitable investments, churning and negligence.
AUGUST 2016 UPDATE-FINRA suspended Raymond Pirrello for failing to respond to FINRA request for information. According to FINRA’s statement, if Pirrello fails to request termination of the suspension within 3 months of the date of the notice of suspension he will be automatically barred on October 14, 2016, from association with any FINRA member in any capacity.
JULY 2016-ORIGINAL POST
FINRA records report that on July 7, 2016, the U S Securities and Exchange Commission filed an insider trading injunction against former Garden State Securities stock broker Raymond J. Pirrello, Jr., age 40 of Sparta, New Jersey.
Thomas W. Avent, Jr. , 63, of Atlanta, who is a tax partner with KPMG LLP, one of the world’s largest accounting firms, and Lawrence J. Penna, age 72, of Edgewater, New Jersey, a long time friend of Pirrello, are also named in the complaint filed in the U.S. District Court for the Northern District of Georgia. SEC v. Pirello, et al, Case 1:16-cv-02459-SCJ.
The complaint alleges that in 2011 and 2012 Avent, who was working as an acquisition attorney, obtained highly confidential nonpublic information about impending acquisitions of Radiant Systems, Inc., Brightpoint and Midas Inc. and illegally tipped off PIrrello who passed on the illegal tip to his long time friend Penna.
The complaint further alleges that Penna traded the in the securities of each of the three companies and realized trading profits. Penna then made payments to Pirrello and Avent.
The SEC seeks an injunction prohibiting the defendants from further violations of the securities law and a disgorgement of the trading profits as well as civil penalties.
Pirrello was employed by Garden State Securities in Hackensack, New Jersey, from 8/2008- 5/2016. He was previously employed by The Concord Equity Group and J.P. Turner & Co.
We are currently evaluating potential cases for investors who suffered losses in accounts handled by Raymond J. Pirrello.
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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