Category Archives: First Standard Financial

Gabe Block-Former First Standard Financial/NSC/Oppenheimer Broker-Fined $750K by NJ Regulators-Rumson , NJ

May 2019– Rumson, NJ

The FINRA records of Gabriel (Gabe)  Block, a former stockbroker who was last employed by First Standard Financial Co., disclose 4  final regulatory events,3 currently pending customer disputes and 9  prior 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.

NJ Regulators Find That Block Was Dishonest/Unethical

On May 15, 2019, New Jersey securities regulators revoked Gabe Block’s registration and fined him $750,000 for making investment recommendations to clients that were inconsistent with their needs and risk tolerance. The NJ regulator found that Block engaged in dishonest or unethical practices in the securities business by inducing trades designed to maximize commissions for himself, without regard to its suitability for his customers. Block’s preyed upon his customers according to the regulator who cites the following examples of his victims:

  • A 36-year old, quadriplegic construction-accident victim , who had funded his accounts with the proceeds of a legal settlement that were for his medical care and living expenses;
  • A 43-year old, unemployed widow and mother of three children, who had funded her accounts with the proceeds of a legal settlement from a medical malpractice claim from her husband’s death; and
  • a 75-year old, retired, and widowed mother-in-law , who had funded her accounts with her and her deceased husband’s retirement savings.

“Block callously steered his clients towards riskier trades that put more money in his own pocket, instead of recommending securities or an investment strategy that was suitable for investors. This was a pattern of practice that was not only illegal, but made all the more offensive because he preyed on the vulnerable,” said Paul R. Rodríguez, Acting Director of the Division of Consumer Affairs. “The Bureau’s action today sends a clear message that New Jersey will vigorously enforce the law to protect investors from being taken advantage of.”

On March 13, 2018, FINRA permanently barred Block from the securities industry in connection with a complaint filed by the Delaware Investor Protection Unit alleging numerous violations, including:

  • Securities Fraud
  • Churning
  • Dishonest or Unethical practice-Narcotics Use
  • Excessive Trading

FINRA found it not in the public interest, and would create an unreasonable risk of harm to the market and investors for Block to continue to associate with his firm. Block was employed by Janney Montgomery and Oppenheimer during the period of time when activity occurred leading to the regulatory action.

Gabe Block discloses settlement of the following   customer disputes :

  • FINRA Case 18-01038-A customer of Oppenheimer   alleged that Gabe Block made unauthorized and unsuitable purchases of Puerto Rico Bonds in claimant’s account from 2011-2013. The case was settled for $55,000.
  • FINRA Case 15-1551- a customer while Block was registered with Oppenheimer & Co. alleges churning, unsuitability, breach of fiduciary duty in connection with the handling of family accounts. Damages were alleged to be $800,000. The case was settled for $675,000.
  • FINRA Case 15-1550-a customer while Block was registered with Oppenheimer & Co. alleges churning, unsuitability, breach of fiduciary duty in connection with the customer’s account. Damages were alleged to be $100,000. The case was settled for $60,000.
  • Block’s FINRA record discloses two other customer disputes that wereresolved including one in which a customer alleged mismanagement of investments between 9/2005-12//2008, while Block was registered with Janney Montgomery Scott. That case was settled for $375,000.

In 2/2019 a customer of Oppenheimer filed FINRA case 19-0431 alleging that Block made trades and made unsuitable recommendations. The case is currently pending and the customer is seeking damages of $1.4 million.

IIn 3/2019 a customer of First Standard Financial filed FINRA Case #19-0550 alleging that Block made unsuitable recommendations causing losses of $300,000. That case is still pending.

Block  was registered with First Standard Financial  from 3/2016-3/2018. He was registered with National Securities Corporation from 3/2014-4/2016 and with Oppenheimer from 11/2008-3/2014. He discloses a business affiliation with Block Wealth Management in Rumson, NJ.

If you have losses in an account handled by Gabe Block contact us for a no charge consultation to learn how  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.

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

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former Alexander Capital Brokers-Billy Gennity and Rocco Roveccio-Named in SEC Fraud Suit-NYC

MARCH 2019 UPDATE-The SEC entered a consent judgment against WIlliam Gennity who was charged with defrauding customers by making unsuitable and unauthorized trades and churning customers’ accounts to generate commissions. Gennity was ordered to pay over $300,000 in disgorgement and penalties. Link to SEC press release.

April 2018 Update– According to his FINRA record, Rocco Roveccio is the subject of recently file FINRA arbitration 17-3364 in which a customer of Alexander Capital alleges churning and unauthorized trading and is seeking damages of $115,995.

September 2017-New York

Two New York City brokers, who at the time were working for Alexander Capital L.P., have been charged with securities fraud by the Securities and Exchange Commission. William (aka Billy Gennity ) Gennity,30,  and Rocco Roveccio, 42,  have been charged with making unsuitable recommendations to customers resulting in ill-gotten gains for Gennity and Roveccio.

According to the complaint filed by the SEC , Gennity and Roveccio:

  • knew or recklessly disregarded that their recommendations were not suitable for anyone
  • made recommendations that were unsuitable for certain of their customers in light of those customers needs, investment objectives and circumstances.
  • made material misrepresentations and omissions to customers.
  • churned customer accounts, and
  • engaged in unauthorized trading

As a result nearly $500,000 in commission were earned by Gennity, Roveccio and Alexander Capital LP, while the clients suffered losses of nearly $700,000.

William C. Gennity of Staten Island, NY, was employed by Alexander Capital 4/2012-10/2014 and worked at eight different firms during his 13 year career in the securities industry. He is currently employed by First Standard Financial Company. His FINRA record discloses 3 pending customer disputes and 3 prior customer disputes.

Rocco Roveccio of Freehold, NJ, was employed by Alexander Capital 6/2012-10/2014 and was employed by 15 different firms during his 22 years in the securities industry. He is currently employed by First Standard Financial Company. Roveccio’s FINRA record discloses 3 prior customer disputes and two outstanding judgment liens. In one of the customer disputes brought by a customer of his former employer, LCP Capital Corp, the customer alleged unauthorized trading, suitability, breach of fiduciary duty and churning. The customer was awarded damages of $216,275.

In FINRA Case 13-01691, a customer of Alexander Capital LP alleged unauthorized trading, breach of fiduciary duty and unsuitability and was paid a settlement of $87,500 by Roveccio.

If you have questions about losses in an account handled by William Gennity or Rocco Roveccio, call to learn how you may be able to recover damages from their prior employer.

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.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870