Nicholas James Schiano Suspended for Excessive Trading

Nicholas James Schiano (CRD# 4429212) a financial broker with 24 years of experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of excessive trading for two senior clients. Schiano had been associated with Spartan Capital Securities, LLC in New York City for the past eight years.

According to FINRA’s disclosure report, Schiano’s trading activity generated unusually high turnover rates and cost-to-equity ratios that exceeded established industry benchmarks. Between September 2017 and March 2022, he executed 102 transactions for one client (Customer A), which resulted in significant losses while generating $45,515 in commissions. For another client (Customer B), he executed 31 transactions from October 2017 through December 2018, producing comparable losses and $30,510 in commissions. This level of excessive trading is defined as churning – a practice where brokers excessively buy and sell securities to generate commissions for themselves, rather than prioritizing the client’s investment interests.

Before this matter, he had six customer disputes involving allegations of: churning, unsuitable recommendations, negligence and/or misrepresentation.

Nicholas James Schiano did not admit or deny the findings, but the resolution was suspension for six months and a fine in the amount of $5,000 and partial restitution of $55,770 plus interest.

Did You Invest with Nicholas James Schiano?

If you made investments with Nicholas James Schiano you may have concerns about how your accounts were handled. It is important to review your records carefully and explore your legal options. Investors may wish to consult with a securities attorney to understand potential remedies available.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.