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7-Figure Complaints Against Long Island Rep Joseph Valdini

Ex-Aegis Capital stockbroker Joseph Valdini (CRD# 5517610) allegedly caused investors more than $2 million in losses, according to customer complaints against him. Financial Industry Regulatory Authority disclosures shows that Valdini has been barred from acting as a broker, before which he was registered with Aegis Capital and Worden Capital Management in Melville and Garden City, New York. 

Joseph Valdini is the subject of two pending customer complaints, according to his BrokerCheck report. The most recent complaint was filed in 2021 by a customer of Worden Capital Management. It alleges that Valdini engaged in churning, recommended qualitatively and quantitatively unsuitable investments, breached his fiduciary contract, made negligent misrepresentations and omissions, violated FINRA Rule 2010, and violated SEC Rule 10b-5. The pending complaint alleges damages of $1,277,631.

The other pending complaint alleges that while he was at Worden Capital Management, Joseph Valdini engaged in churning and excessive trading, committed common law fraud, violated the New York Consumer Protection Act, breached his fiduciary duty, breached contract, engaged in negligence, and made negligent misrepresentations and omissions. The pending complaint alleges damages “in the area of” $1 million.

In 2017 the Financial Industry Regulatory Authority suspended Joseph Valdini over allegations he “failed to respond” to a request for information. Pursuant to FINRA rules, his suspension converted into a bar after he failed to request termination of the suspension within three months. As such, he was automatically barred from association with any FINRA member in any capacity.

Valdini’s BrokerCheck report also describes two customer complaints against him that ended up in settlements with the customers. One such complaint was filed by a Worden Capital Management client in 2016. It alleged that he engaged in negligence, violated the New Jersey Uniform Securities Law, breached his fiduciary duty, and breached contract. The complaint reached a settlement of $79,000. The second complaint, also filed by a Worden customer in 2016, alleged that he placed an unauthorized trade in 2015 and subsequently made margin call sellouts, resulting in losses. This complaint reached a settlement of $28,125. A comment on the filing states: “Following an internal review of the alleged unauthorized trade, the representative finally admitted that the original trade was not authorized by the client.”

Mr. Valdini voluntarily resigned from his position at Worden Capital Management in 2016, per his BrokerCheck report, which discloses that he resigned over allegations involving an unauthorized trade or trades.

According to the Financial Industry Regulatory Authority, Joseph Valdini holds eight years of securities industry experience. He is barred from acting as a broker or otherwise associating with a broker-dealer firm. His registration history includes Aegis Capital (Melville, New York), Worden Capital Management (Garden City, New York), and JD Nicholas & Associates (Syosset, New York). He has passed the Uniform Securities Agent State Law Examination (Series 63), the Securities Industry Essentials Examination (SIE), and the General Securities Representative Examination (Series 7). (Information current as of November 13, 2021).

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