JANUARY 2019- New York
The FINRA records of Anthony Sica , a stock broker who is employed by Joseph Gunnar & Co. , disclose 3 regulatory sanctions 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.
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.
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