Tag Archives: Alexander Capital churning complaint

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

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

Baris Dincer-Former Revere Securities Broker-Discloses $1.5M Customer Arbitration Alleging Churning-New York

June 2017- New York

According to publicly available records Baris Dincer  (CRD#5637472) ,  a  stockbroker who currently is employed by J.H. Darbie & Co.  discloses  2 pending customer disputes and 2 terminations from employment.

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 pending FINRA arbitration 13-03605, a customer of Alexander Capital seeks damages of $1.5 million and alleges churning, excessive trading and unsuitable investments.

In a claim filed in 6/2016, a customer of Revere Securities seeks damages of $45,000 and alleges unauthorized trading.

In 3/2014, Dincer was permitted to resign from Forefront Capital Markets over issues of trust and confidence.

In 11/2012, Dincer was discharged by Alexander Capital who alleged “possible violations of industry standards regarding certain bond transactions. ” 

Baris Dincer  has been employed by J.H. Darbie & Co. since 6/2017. His prior employment includes Revere Securities, Koyote Trading, Odeon Capital Group, Forefront Capital Markets, Alexander Capital, Legend Securities and J Giordano Securities Group (now Newoak Capital Markets) . 

If you have questions about an account handled by Baris Dincer  contact us 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

Jason H. Klabal-Former Legend Securities Broker-Discloses Customer Disputes

January 2017- New York

According to publicly available records Jason H. Klabal , (CRD# 2910714) ,  a  stockbroker who is currently employed by Alexander Capital disclose 2 currently pending 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.

In FINRA Case 16-3549, a customer of Klabal’s former employer, Legend Securities,  alleges damages of $200,000 for churning, misrepresentation, breach of fiduciary duty, negligence and breach of contract.

In FINRA Case 16-3029, a customer of Klabal’s former employer, Legend Securities, alleges damages of $150,000 for fraud, churning, excessive margin, over concentration, breach of fiduciary duty, breach of contract and negligence.

Klabal has been employed by Alexander Capital since 6/2016.  He was previously employed by Legend Securities and before that, Buckman Buckman and Reid. 

If you have questions about an account in an account handled by Jason H. Klabal, contact us to discuss 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