Churning Complaint Against NYC Rep Joseph DeSapio

Spartan Capital Securities representative Joseph DeSapio (CRD# 5837553) allegedly churned investments, according to a pending investor complaint. Financial Industry Regulatory Authority records show that he is a stockbroker registered with the firm’s office in New York, New York.

Filed in February 2022, the complaint against Mr. DeSapio alleges that as a representative of Spartan Capital Securities, he breached his fiduciary duty, acted negligently and grossly negligent, failed in his supervisory duties, breached contract, and churned investments in common and preferred stock. The pending complaint alleges unspecified damages. In a comment on the disclosure included in his BrokerCheck report, Mr. DeSapio “strongly” denied the allegations. “Claimants Involved in this Arbitration were active and knowledgeable participant in the decision making and authorized each and every transaction in their accounts,” he wrote, alleging that the complaint “was not brought in good faith.”

Mr. DeSapio’s BrokerCheck report also describes an investor complaint filed in 2011. The complaint alleged that as a representative of Brookstone Securities, he charged excessive commissions in relation to investments that performed poorly. The complaint reached a settlement of $6,000.

According to the Financial Industry Regulatory Authority, Joseph DeSapio holds eleven years of securities industry experience. He has been affiliated with Spartan Capital Securities in New York, New York since 2017. His past registrations include Worden Capital Management (New York, New York; 2016-2017), Legend Securities (New York, New York; 2013-2016), Joseph Gunnar & Company (Staten Island, New York; 2012-2013), and Brookstone Securities (Staten Island, New York; 2010-2012). His credentials include the passage of three securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He presently holds 20 state licenses. (Information current as of May 11, 2022.)

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