Securities Arbitration Lawyers BlogNew York City Broker Francesco Scarso Fined, Suspended, and Ultimately Barred by FINRA
Allegations of failing to disclose pertinent tax information led to the sanctions against the former First Standard Financial and Phoenix Financial Services broker
As of November 2016, Francesco Scarso, formerly with First Standard Financial Company LLC and Phoenix (PHX) Financial Services, is no longer allowed to act as a broker. The ruling came down from the Financial Industry Regulatory Authority (FINRA) after Scarso – who was already suspended – failed to contact the agency to supply additional information.
Francesco Scarso began his career in 1996 with J.W. Barclay & Co., Inc. and worked for 12 firms, including these since 2007:
- Meyers Associates, L.P. – NYC
- John Thomas Financial – NYC
- Clark Dodge and Co., Inc. – NYC
- Alexander Capital, L.P. – NYC
- Phoenix (PHX) Financial, Inc. – NYC
- First Standard Financial Company LLC – Staten Island, NY
Over the course of those two decades, Scarso was involved in numerous customer disputes, with several charges related to making unauthorized trades. When a broker decides to buy or sell securities in a non-discretionary client account without the client’s permission, this is considered unauthorized trading, and it is a FINRA violation.
Among his former firms, John Thomas Financial has been expelled from FINRA membership and Phoenix Financial has also been penalized by FINRA for, among other things, inadequate supervision of their electronic communications.
Scarso was suspended by FINRA due to allegations that he failed to disclose tax liens, along with a compromise he made with a creditor on his uniform application for securities industry registration. He didn’t admit or deny the findings, but he accepted the 30-day suspension and the $5,000 fine that came with it. However, because he never followed up with FINRA, he was permanently barred and will no longer be allowed to act as a broker.
To learn more about Francesco Scarso and his broker career, you can read his full BrokerCheck report, a complimentary service provided by FINRA.
If Francesco Scarso was hired to handle your money, it’s possible you suffered loses due to his actions. To find out if you can recover these funds, contact the Silver Law Group to speak with a securities arbitration attorney. The attorneys at Silver Law Group are leaders in the field of securities arbitration. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor.
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