Category Archives: Maryland Division of Securities

Anthony Sica-Joseph Gunnar Broker-Sanctioned Over Sale of Speculative Securities to Elderly Client-New York

June 2018- New York

The FINRA records of Anthony Sica  , a stock broker who is employed by Joseph Gunnar & Co. , disclose  3 regulatory sanctions, a pending customer dispute and  8 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.

Maryland Sanction for Abusing Account of Elderly Lady

In December 2017, the Maryland Securities Commissioner alleged that Sica repeatedly recommended that an elderly customer, living on fixed income,  purchase high-risk, speculative securities that were inconsistent with her investment profile and which were unsuitable. Sica’s recommendations often resulted in an undue concentration of the her liquid assets in speculative securities resulting in losses of over $150,000. The regulator also found that Sica made unauthorized trades in the IRA account of a customer Sica knew was deceased causing losses. Sica was suspended for three months, fined $20,000 , ordered to pay restitution and to complete continuing education concerning how to deal with senior customers.

Prior customer disputes by customers of Sica include:

  • FINRA Case 14-1574- a customer of Joseph Gunnar alleged unsuitable recommendations, frequent trading, unauthorized trading and sought damages of $479,000. The case was settled for $302,500.
  • FINRA Case 10-969- a customer of Joseph Gunnar alleged that Sica mismanaged his account and made unsuitable recommendations and sought damages of $356,773. The case was settled for $157,500.

In currently pending FINRA Case 17-02160 a customer of Joseph Gunnar alleges unsuitable investments and breach of fiduciary duty from August 2011-March 2015, and is seeking damages of $49,181.

Anthony Sica has been employed by Joseph Gunnar since 10/2003.

Brokers have a duty to make recommendations that are suitable, taking into account the age, health, level of financial sophistication, risk tolerance and investment objectives of the customer.

If you have questions about  an account handled by Anthony Sica, call 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

Richard Shotz-Former Morgan Stanley Broker-Suspended by Regulator for Sale of UITs-Daytona Beach, FL

March 2018- Daytona Beach, Florida

The FINRA records of  Richard Alan Shotz  ,  a  stockbroker who was last employed by  Wells Fargo and Morgan Stanley disclose a recent regulatory matter resulting in his suspension.

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 January 2018, to resolve allegations that while he was employed by Morgan Stanley he engaged in an unsuitable pattern of short term trading of unit investment trusts (UITs) in customer accounts,  Richard Shotz was suspended for four months (2/20/2018-6/19/2018 and fined $7,500. FINRA Case 2015048039501.

The FINRA findings stated that in connection with 486 accounts Shotz repeatedly recommended that the customers purchase UITs then sell the products before their maturity dates. Most of the UITs he recommended had maturity dates of 24 months but were only held an average of 143 days. Shotz recommendations caused the customers to incur unnecessary sales charges and were unsuitable in light of the frequency and cost of the transactions.

In March 2018 Maryland securities regulators revoked Shotz’s registration.

Shotz has been employed by Wells Fargo since 10/2015. Prior to that he was with Morgan Stanley.

If you have losses in UITs purchased upon the recommendation or other questions about an account  handled by Richard Shotz call for a no charge consultation to discuss your 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