Tag Archives: Worden Capital Management investigation

Allan Montalbano-Former Worden Capital Broker- Discloses 14 Customer Disputes- Westbury, NY

October 2019- Westbury, NY

According to publicly available records Allan P Montalbano (CRD#4507029) ,  a  stockbroker who is not currently registered  and who was last registered with Worden Capital Management ,  disclose 13 prior customer disputes 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.

From September of 2009 until August of 2017 there were 11 FINRA cases filed against Montalbano by customers of Worden Capital and National Securities Corp.   with allegations of churning, unsuitability, breach of contract, negligence, reckless and intentional misrepresentation, breach of fiduciary duty, breach of contract, excessive trading, unauthorized trading, negligent  and misrepresentation.   These cases were settled at various amounts totaling more than $1.2 million.

In August 2018, a National Securities Corp. customer filed FINRA case #18-02616 alleging breach of fiduciary duty, negligence, negligent misrepresentation and breach of contract and is currently seeking damages of $280,000.

Alan Montalbano  was employed by Worden Capital from June of 2015 to January 2018.   He was employed by Four Points Capital Partners from June 2014 until June 2015 and with National Securities Corp. from August 2010  until June 2014.  Before that he was with Woodstock Financial Group, Chase Investment Services Corp. and NY Life Securities.  Montalbano  discloses business affiliations with APM Consulting Services.

If you have questions about an investment account handled by Allan Montalbano  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

Albert Foronda- Spartan Capital Securities Broker- Discloses Customer Disputes- NYC

October 2019- NYC, NY

According to publicly available records Albert Foronda.   (CRD#5737620 ,  a  stockbroker  currently registered  with Spartan Capital Securities,  disclose a prior customer dispute and 2 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 July 2017, a Worden Capital Management  customer, alleged unauthorized trades from 7/11/2017 until 7/27/2017.    The case was settled for $14,000.

In May 2019, a Spartan Capital Securities customer filed FINRA case #19-1160 alleging unsuitability, excessive trading and negligence and is seeking damages of $650,000.

In March 2018, a customer of Legend Securities and Worden Capital Management, filed FINRA case #18-01479 alleging breach of fiduciary duty, violations of NASD and FINRA Rules, breach of contract and negligence and is seeking damages of $90,000.

Albert Foronda.  has been  employed by Spartan Capital Securities since August of 2017.    He was with Worden Capital Management from November 2016-August 2017 Before that time he was employed with Legend Securities and National Securities Corp.   

If you have questions about an investment account handled by Albert Foronda. ,  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

Joey Gebron- Worden Capital Broker- Discloses Customer Disputes – New York, NY

October 2019, New York, NY

According to publicly available records Joseph Omar  “Joey”Gebron  (CRD#2764264) ,  a  stockbroker who is currently registered  with Worden Capital Management  ,  discloses 7 prior customer disputes, one pending customer dispute and a termination 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 the currently pending matter, a customer of Mercer Capital is seeking $820,000 and alleges unauthorized trading, misrepresentation and omissions in connection with the sale of a private placement.

In September 2012,  a Mercer Capital, Ltd.  customer filed FINRA case 12-03062 alleging  misrepresentation, negligence and breach of contract.   The case settled for $20,000 with the entire sum paid individually by Gebron.

In February  2012, a customer of National Securities Corporation, filed FINRA case #12-00449 alleging negligence, breach of fiduciary duty and breach of contract.   The case settled for $47,500 with an individual contribution from Gebron in the amount of $20,000.

In May 2011, a customer of Mercer Capital, Ltd. filed FINRA case #11-02216 alleging unsuitable recommendations, violation of common law fraud, breach of fiduciary duty and negligence.   THe case settled for $45,000 with the entire sum paid individually by Gebron.

In January 2010, a customer of Mercer Capital, Ltd., filed FINRA case #10-00059 alleging misrepresentation, omission of material fact and negligence.   The case settled for $9,500 entirely paid by Gebron.

In November 2009, a customer of Mercer Capital, Ltd.,  filed FINRA case #09-06536 alleging suitability, negligence, gross negligence and breach of fiduciary duty.    The case settled for $50,000 with $25,000 paid individually by Gebron.

In May 2008, a Mercer Capital, Ltd. customer filed FINRA case $08-01285 alleging sales practice.   The case settled for $7,000 paid entirely by Gebron.

Joseph Gebron has been employed by Worden Capital Management since August 2017.   He was previously employed with Benjamin & Jerold Brokerage  from September 2016 until August  2017.  Before that he was with Meyers Associates  and National Securities Corp.  Gebron discloses business affiliations with Open Field Consulting Group.  

If you have questions about an investment account handled by Jospeh Omar Gebron  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

Nicholas Schiano- Spartan Capital Securities Broker-Discloses Two Customer Disputes-New York, NY

October 2019, New York, NY

According to publicly available records Nicholas James Schiano (CRD#4429212) ,  a  stockbroker who currently is employed by Spartan Capital Securities,   discloses 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 FINRA case #17-02149,  a cusotmer of  Legend Securities, alleged that Schiano made unsuitable recommendations causing losses.   That case was settled for $35,000 with the entire amount paid by Schiano personally.

In currently pending FINRA) case #19-00916, a customer of Legend Securities alleges misrepresentation, negligence and breach of fiduciary duty and is seeking damages of $208,000.

Nicholas Schiano  has been employed by Spartan Capital Securities  since August of 2017He was previously employed with Worden Capital from November of 2016 until September 2017, and before that with Legend Securities, Joseph Gunnar and Brookstone Securities.  

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

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