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Articles Posted in Churning

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Joseph La Scala (Joseph Brian La Scala CRD# 3070261) is a registered broker and a previously registered investment advisor whose current employer is Aegis Capital Corp. (CRD#: 15007) of Melville, NY. His previous employers include Paulson Investment Company, Inc. (CRD#:5670), Gunnallen Financial, Inc. (CRD#:17609) of Hauppauge, NY, and Investec Ernst & Company (CRD#:266) of New York, NY.  He has been in the industry since 1998. La Scala engaged in short-term trading in a customer’s 401(k) retirement account between July 2014 and April 2016 and exercised de facto control over the account with discretionary authority. However, the trades La Scala made were not consistent with the investment objectives and resulted in $90,720 in trading costs and $116,194 in losses for the customer. Additionally, La Scala did not have written authorization from the customer to exercise this discretion in the customer’s account. Aegis’ written policies from January 2015 and April 2016 prohibited representatives from acting on behalf of a customer without their express written authorization. Although he did occasionally discuss trading with the customer, he did not discuss individual trades with the customer on the days he made transactions. Joseph La Scala (Joseph Brian La Scala CRD# 3070261) is a registered broker and a previously registered investment advisor whose current employer is Aegis Capital Corp. (CRD#: 15007) of Melville, NY. His previous employers include Paulson Investment Company, Inc. (CRD#:5670), Gunnallen Financial, Inc. (CRD#:17609) of Hauppauge, NY, and Investec Ernst & Company (CRD#:266) of New York, NY.  He has been in the industry since 1998. Continue reading ›

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Todd Kling (Todd Franklin Kling CRD# 3034284) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic Group, LLC (CRD#: 39781), was expelled by FINRA on 9/23/2009. He has been in the industry since 1999. According to a FINRA disciplinary action dated 12/17/2021, Kling was found to have excessively and unsuitably traded one customer's account. This particular client was not only a retired psychiatrist but also a senior investor. Between March 2018 and November 2019, Kling recommended that the client place a total of 115 trades in his account. The client accepted Kling’s recommendations and made the trades. The customer’s account had an average month end equity of $5,414,465, resulting in an annualized turnover rate of more than 12. The trades recommended by Kling caused this customer to pay commissions, trading costs and margin interests that totaled $153,879.00. This trading resulted in an annualized cost to equity ratio of more than 35%. For the client to break even, the customer’s account would have had to grow by more than 35% annually just to reach the “break-even point.”Todd Kling (Todd Franklin Kling CRD# 3034284) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic Group, LLC (CRD#: 39781), was expelled by FINRA on 9/23/2009. He has been in the industry since 1999. Continue reading ›

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Joseph Fedorko (Joseph Michael Fedorko CRD#] 2007317) is a previously registered broker whose last known employer was Laidlaw & Company (UK) LTD. (CRD#:119037) of Greenwich, CT. His previous employers include Oppenheimer & Co. Inc. (CRD#:249) of Stamford, CT, Josephthal & Co., Inc. (CRD#:3227) and Gruntal & Co., L.L.C. (CRD#:372), both of New York, NY. He has been in the industry since 1989. Fedorko has a total of 19 disclosures dating back to 1995. However, the most recent disclosure is from FINRA, after he excessively traded in the account a married senior couple from January 1, 2014, to December 31, 2019. He exercised de facto control over the couple’s account, and the couple trusted his recommendations. During this period, Fedorko and his firm (Laidlaw) exercised more than 1,200 transactions in the customers’ account. This excess trading led to losses of approximately $1.1 million, known as “churning.” However, the trading also generated $760,000 in commissions and markups for the firm, with Fedorko receiving 25% of the commissions and markups. After the customers filed a claim, the firm reimbursed them for their losses and closed their arbitration.Joseph Fedorko (Joseph Michael Fedorko CRD#] 2007317) is a previously registered broker whose last known employer was Laidlaw & Company (UK) LTD. (CRD#:119037) of Greenwich, CT. His previous employers include Oppenheimer & Co. Inc. (CRD#:249) of Stamford, CT, Josephthal & Co., Inc. (CRD#:3227) and Gruntal & Co., L.L.C. (CRD#:372), both of New York, NY. He has been in the industry since 1989. Continue reading ›

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Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. FINRA’s Department of Enforcement filed a complaint against Parikh alleging unsuitable recommendations and excessive trading that led to over $33,000 in losses while generating considerable commissions, including $89,000 for himself. Although none of the accounts were discretionary accounts, Parikh traded as if they were. Therefore, he had de facto control over all his customer accounts. Parikh recommended active short-term trading to these customers with the use of a margin. He failed to consider the costs associated with this type of trading, nor the interest use cost associated with using the margin. This allowed him to trade more often but at a higher cost to the customers. Kishan Parikh also executed trades for two of his customers that had a total principal value of $4.2 million, and that he did not call the customers on the date of the trades.Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. Continue reading ›

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Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Maxim Beliakov (CRD:# 5968432) is a former registered broker whose last employer was Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY, and Chelsea Financial Services (CRD#:47770), also of Staten Island. He has been in the industry since 2011.Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Continue reading ›

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Donatas Belys Vildzius (CRD#: 2202883) is a former broker and registered investment advisor whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Danbury, CT. His previous employers include Rockwell Global Capital LLC (CRD#:142485), also of Danbury, Source Capital Group, Inc. (CRD#:36719), of Westport, CT, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1992. Vildzius is the subject of twelve disclosures, including two civil judgments from 2012 totaling $9,062 and multiple regulatory sanctions. The most recent action was initiated by FINRA after Vildzius was found to have churned the accounts of two clients with excess trading. This action occurred between August 2015 and April 2017, when he recommended a short-term trading strategy that involved in-and-out trading. The result of these trades was a high turnover rate and excessive fees.   Following Vildzius’ recommendations, the clients both executed the unsuitable trades. This also gave Vildzius de facto control over both customer accounts. After following Vilzus’ recommendations, the two clients suffered losses totaling $32,240, and paid commissions and fees totaling $33,449. After signing the Acceptance, Waiver & Consent (AWC) Letter, FINRA fined Vildzius $5,000 and suspended him from any association with any FINRA member firm for six months, beginning 10/9/2020.Donatas Belys Vildzius (CRD#: 2202883) is a former broker and registered investment advisor whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Danbury, CT. His previous employers include Rockwell Global Capital LLC (CRD#:142485), also of Danbury, Source Capital Group, Inc. (CRD#:36719), of Westport, CT, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1992. Continue reading ›

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