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.
In 2017, Wadsworth was involved in a customer dispute 
Flaharty’s recent disclosure, filed on 5/12/2018, has been settled. This customer dispute alleged, “over-concentration and unsuitability in connection with an ETF investment.” The customer requested damages of $566,319.57, and LPL Financial has settled for $350,000. The allegations centered on dissatisfaction with the performance of an ETF investment. While the complaint was filed against Flaharty Asset Management (FAM), the investment adviser, and LPL Financial (LPL), Flaharty was not named in the action nor a party to the settlement.
DiPietro is the subject of a current customer dispute in which is alleged to have engaged in churning. Filed on 4/30/2018, the client alleges that “his account was churned and placed in unsuitable securities by the representatives at Dawson James and Spartan. January 2015 through September 2015.” The client is requesting damages of $100,000. DiPietro denies wrongdoing in this action. The claim is currently pending.
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.
In 2016 Claimants allege Mr. Maloney’s recommendations to purchase individual equities were unsuitable. The complaint settled for $132,500.