Philip Sparacino (CRD#: 3243960), a registered representative with First Standard Financial Company LLC of Red Bank, New Jersey, was the subject of a regulatory action by the New Jersey Bureau of Securities. On October 8, 2019, the New Jersey Bureau of Securities levied an administrative penalty of $250,000 and revoked Paul Sparacino’s New Jersey securities license. According to his BrokerCheck report accessed on October 22, 2019, he no longer holds a New Jersey securities license. According to Paul Sparacino’s BrokerCheck record, the New Jersey Bureau of Securities alleged that:
Sparacino employed a device, scheme, or artifice to defraud. Sparacino made untrue statements and omitted to state material facts necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, Sparacino engaged in an act, practice, or course of business which operates or would operate as a fraud of deceit upon any person. Sparacino engaged in dishonest or unethical business practices in the securities business.
This regulatory action is not the only disclosure on Philip Sparacino’s BrokerCheck report. On December 2, 2018, he became involved in a pending customer dispute in which a client alleged that he engaged in churning and made unsuitable trades. The client is requesting $90,198 in damages. Did you broker take your risk tolerance and long-term goals into account when executing trades on your behalf? If not, you may benefit from contacting a securities attorney who can advise you regarding churning and unsuitable trading.
In addition to his work with First Standard Financial Company LLC, Philip Sparacino has worked for the following broker-dealers:
- Alexander Capital, L.P. (CRD#: 40077) of Staten Island, New York
- Brookstone Securities, Inc. (CRD#: 13366) of Staten Island, New York – expelled by FINRA on October 9, 2012
- Mercer Capital LTD. (CRD#: 104012) of New York, New York
- Newbridge Securities Corporation (CRD#: 104065) of Colts Neck, New Jersey
- Investors Capital Corp. (CRD#: 30613) of Colts Neck, New Jersey
If Philip Sparacino was your broker or you have questions about your investments, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email email@example.com for your free case consultation with the securities attorneys of Fitapelli Kurta.