Connecticut broker agrees to one-month suspension and $7500 fine.
Leon Vaccarelli, a stockbroker registered with the Investment Center, was recently suspended from participating in the securities industry for one month and paid a $7500 fine to regulatory agency FINRA.
According to the report, registered representatives are prohibited from exercising discretion in a customer’s account unless the customer has given prior written authorization to exercise discretion and the account has been approved as discretionary, in writing, by the representative’s firm.
The Investment Center broker is accused of exercising discretion in four customer accounts over a four-year period without the customers’ written authorization. He also did so without The Investment Center’s approval or acceptance of the accounts as being discretionary.
In addition, Vaccarelli is also accused of providing false answers on four of the firm’s annual compliance questionnaires during the same four years.
Prior to this most recent disclosure event, Vaccarelli has two other customer complaints and two judgment/liens against him on his regulatory record.
For investors who suffer financial loss due to misconduct such as Vaccarelli’s, it is important to know you have rights. It may be possible to recover your money with the help of a skilled securities arbitration attorney. The attorneys at Silver Law Group are interested in helping you explore your rights and recover your losses. Legal work is performed on a contingency-fee basis, meaning no fees are charged unless money is recovered.