Securities Arbitration Lawyers Blog
Ronald Harris Rothchild (CRD #4491932) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD #7569 of Melville, NY.) His previous employers include Raymond James Financial Services, Inc. (CRD #6694) of Garden City, NY, Wells Fargo Advisors, LLC (CRD #19616) of Melville, NY, and David Lerner Associates, Inc. (CRD #5397) of Syosett, NY. He has been in the industry since 2002.
Rothchild is the subject of eight disclosures, the most recent of which was a customer dispute filed on 7/30/2018. In it, the client alleges “breach of contract, negligence, unsuitability, breach of fiduciary duty.” Damages requested are $100,000. This case is listed as “pending.”
Two previous customer disputes have been settled. The first, filed on 3/28/2018, alleges that from 7/26/2011 through 4/11/2016, Rothchild misrepresented certain investments that were unsuitable for her objectives. The client also alleges that her risk tolerance and investment objectives were incorrectly documented on her updated account paperwork. This customer requested damages of $149,236.86, and the case was settled for $75,000.
The claim, filed on 11/1/2018, alleges “suitability, unauthorized trading, breach of fiduciary duty & negligence,” along with the request of $500,000 in damages. This new case is currently “pending,” and no other information is available.
On 7/27/2018, FINRA reported that Flores failed to respond for a request for information. Two letters were sent to Flores on 7/27/2018, and 8/20/2018, respectively, with no response. On October 30, 2018, FINRA barred Flores indefinitely and in all capacities from any association with a FINRA member.
In 2015, while employed by Aegis Capital Corp., Claimant alleges unsuitable recommendations and excessive fees & commissions. Complaint was settled for $25,000.00.
In 1996, while employed by State Capital Markets Corporation, Client alleges the stock offering from Cable and Fun Tyme were not registered in Texas; The sale of non-registered stock is a violation of Texas State securities Act 7A and is therefore illegal. Complaint was settled for $14,500.00.
In 2017, while employed by Joseph Gunnar, allegations shown without admitting or denying the findings, Sica consented to the sanctions and to the entry of findings that he made unsuitable recommendations to an elderly customer living on a fixed income. The findings stated that Sica repeatedly recommended that the customer purchase high-risk, speculative securities that were inconsistent with her investment profile. Sica’s recommendations often resulted in an undue concentration of the customer’s account, which represented substantially all of her liquid assets, in speculative securities. Further, Sica often engaged in short-term in-and-out trading of the speculative investments in the customer’s accounts causing substantial losses. Sica’s recommendations resulted in losses of more than $150,000. The findings also stated Sica engaged in unauthorized trading by placing trades in the IZRA accounts of a customer who Sica knew was deceased causing aggregated losses on the trades totaling approximately $3,039.
Iraggi is the subject of four disclosures, the most recent a disciplinary action by FINRA, as well as one employment discharge and two denied customer disputes. In the FINRA action, filed on 8/23/2018, Iraggi failed to notify his employer firm, Garden State Securities, that he had verbal authorization to exercise discretion in three customer accounts. Iraggi did not obtain written authorization from the clients, nor written authorization from the firm to service the accounts on a discretionary basis.
Diorio is the subject of four disclosures, the most recent filed on 2/12/2018. In it, the client alleges “unauthorized trading and unsuitable investment recommendations,” and requests damages of $769,690.00. Diorio steadfastly denies the charges. This case is currently pending.
On September 7, 2018, the SEC charged Aquino with defrauding customers by engaging in “churning” to generate excessive commissions for himself, in the amount of $930,000. Aquino’s customers lost a total of $881,000. At the time of these allegations, May 2014 through November 2017, Aquino was registered with Meyers Associates, L.P. (now known as Windsor Street Capital.) The SEC complaint also states that in 2015 and 2016, Aquino and an unnamed colleague engaged in cold-calling leads acquired from a publicly available database.