Category Archives: Legend Securities

Nicholas J. Schiano- Former Worden Capital Management Broker- Discloses Customer Disputes- NYC

September 2019, New York, NY

According to publicly available records Nicholas James Schiano   (CRD#4429212) ,  a  stockbroker currently registered  with Spartan Capital Securities,  disclose 1 prior customer dispute and 1 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 August of 2017,   FINRA case #17-02149 was filed on behalf of a Legend Securities, Inc. customer alleging unsuitable transactions.   The case settled for $35,000.

In April of 2019, FINRA case #19-00916 was filed on behalf of a Legend Securities customer who alleged misrepresentation, negligence and breach of fiduciary duty.    The alleged damages are $208,000 and this case is still pending.

Legend Securities was expelled by FINRA from the securities industry in April 2017.

Nicholas Schiano  has been  employed with Spartan Capital Securities since August of 2017 .  He was previously employed with Worden Capital Management  from November 2016 until August of 2017.  His prior employment includes Legend Securities, Inc. Joseph Gunnar & Co.,  Brookstone Securities and Citigroup Global Markets, Inc.

If you have questions about an investment account handled by Nicholas James Schiano,  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

Christopher Orlando- Worden Capital Management Broker- Discloses Pending Customer Dispute-New York, NY

July 2019- New York, NY

The FINRA records of  Christopher G. Orlando ,  a  financial advisor employed by  Worden Capital Management disclose a pending customer dispute and an outstanding tax lien.

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 February of 2019, FINRA case #19-00369 was filed by a customer of Worden Capital Management alleging excessive trading, churning and unsuitable transactions.    Alleged damages are $70,766 and the case is pending.

Orlando  discloses a New York State tax lien in the amount of $17,156, filed in Richmond, NY.

Christopher Orlando has been registered with Worden Capital Management since November of 2016 . His prior employment in the financial industry includes Legend Securities, Inc. , National Securities Corporation and Joseph Gunnar & Co. 

If you have losses in an account  handled by Christopher 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.

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

Praxedes Russi-Former Salomon Whitney Financial Broker- Discloses Customer Dispute and 5 Judgements- Farmington, NY

October 2019-Farmington, NY

The FINRA records of  Praxedes Russi ,  a  financial advisor who currently works for Worden Capital Management and who previously was employed by Salomon Whitney Financial  disclose 2 prior customer disputes and  6 outstanding judgments.

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.

FINRA case # 18-01055 filed in April 2018 by a Salomon Whitney Financial customer alleges churning, negligence, unsuitability, unauthorized trading and breach of contract.    The case settled for $7,500 and was paid individually by Russi.

Russi  discloses 6 outstanding tax liens (Federal and State of NY)  filed in Nassau County by the State of New York.

Praxedes Russi  has been registered with Worden Capital Management  since 12/2017.  His prior employment includes Salomon Whitney Financial, Cova Capital Partners and Legend Securities.

If you have losses in an account  handled by Praxedes Russi, 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.

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

Michael Stanton-Worden Capital Management Broker- Discloses $15M Pending Customer Dispute- NYC

July 2019-New York, NY

The FINRA records of  Michael Salvatore Stanton,  a  financial advisor employed by  Worden Capital Management disclose 2 regulatory events,  3 prior customer disputes, 1 pending customer dispute, a pending bankruptcy and  7 outstanding judgments.

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 FINRA case # 2015048048801 filed in 11/2016 -FINRA alleged that Stanton and his firm < legend Securities, failed to establish, maintain and enforce a reasonable supervisory system, and failed to prevent a registered representative from churning and excessively trading a customer’s brokerage accounts.   The complaint alleges that Stanton and the firm failed to adequately investigate or simply ignored that the registered representative engaged in aggressive “in and out” trading, repeatedly purchasing securities and then selling them after relatively short holding periods to purchase other securities, for no apparent reason.   Such in and out trading is the hallmark of excessive trading and churning.  Stanton was suspended from FINRA for a period of seven months and was fined $5000.

In March 2017,   a Legend Securities,Inc. customer filed FINRA case #16-03695  alleging failure to supervise representative’s excessive trading and unsuitable recommendations.    The case was settled for $20,000.

In October 2005, a Summit Brokerage Services, Inc. customer alleged inappropriate conduct and coercion concerning payments for margin calls.    The case settled for $15,000.

Pending  FINRA case #18-04040 alleges that while Stanton was employed by Legend Securities he failed to supervise a broker and alleges common law fraud, breach of fiduciary duty, negligence and breach of contract.    The damages  sought are $15,000,000 .

Stanton discloses the filing of a Chapter 13 bankruptcy petition in June 2018, which is currently pending.

Stanton  discloses outstanding 7 currently outstanding lines/judgments, 5 of which are Federal & State Tax Liens.

Michael Stanton has been registered with Worden Capital Management  since December of 2016.  . His prior employment in the financial industry includes Legend Securities, Inc., Obsidian Financial Group and National Securities Corporation.

If you have losses in an account  handled by Michael Salvatore Stanton , 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.

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

Stephen Sullivan-Former Newbridge Securities Broker-Subject of $500K Customer Suit-Melville, NY

August 2018-Melville, New York

According to FINRA records,  Stephen J. Sullivan  a stockbroker who currently works for SW Financial (formerly Salomon Whitney Financial) ,   discloses  a prior regulatory event, a pending customer dispute, a prior customer dispute and 3 currently pending judgment/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 February 2016, without admitting or denying the findings, Sullivan consented to sanctions and entry of findings that while employed by First Midwest Securities, he exercised discretion in the accounts of two customers without obtaining their prior written approval. He was suspended for 10 business days and fined $5,000.

In currently pending FINRA Case 18-01444 a customer of one of his prior employers, Newbridge Securities, alleges that Sullivan made unsuitable recommendations and traded the account excessively. The customer is seeking damages of $540,618.

According to his FINRA record, sInce obtaining his Series 7 broker’s license in 1998, Sullivan has been employed by  14 different brokerage firms. His current employment with  SW Financial began in 5/2018.

Sullivan’s recent prior employment includes Worden Capital Management, Newbridge Securities and Legend Securities. 

If you have losses in an account handled  Stephen Sullivan, call 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