The Securities and Exchange Commission (SEC) charged Alexander Capital and two of its managers for failing to supervise three of the company’s brokers who churned customer accounts, made trades without permission and made unsuitable recommendations to the customers.
The three brokers William C. Gennity, Rocco Roveccio and Laurence M. Torres had previously been charged with fraud in September 2017. The SEC found that Alexander Capital lacked reasonable supervisory policies and procedures designed to prevent such abuses to customers.
Alexander Capital agreed to be censured and paid ill-gotten gains, interest and penalties of more than $400,000.
The managers, Philip A. Noto II and Barry T. Eisenberg ignored red flags indicating excessive trading by the brokers.
If you have questions about how your account at Alexander Capital has been handled, call for a no charge consultation with an experienced securities attorney to learn how you may be able to recover damages through 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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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