Christopher Fusco: $310K Complaint Against Ex-Joseph Stone Advisor

Former Mineola, New York financial advisor Christopher Fusco (CRD# 5981205) has received an investor complaint alleging his advice resulted in losses. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or as an investment adviser, though he was most recently registered with Joseph Stone Capital.

Mr. Fusco’s BrokerCheck report discloses one investor complaint against him. Filed in Filed in April 2022, it alleges that as a representative of Arive Capital Markets, he made unsuitable transactions and engaged in excessive trading in the customer’s account. The pending complaint alleges damages of $310,000.

FINRA’s suitability rule stipulates that stockbrokers must “have a reasonable basis to believe” that the investment products and strategies they recommend are suitable for their clients. As FINRA Rule 2111 states, brokers must base their determinations regarding an investment’s suitability “on the information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” A customer’s profile includes their client’s age, risk tolerance, tax status, income, liquidity needs, investment experience and objections, and more. “A broker’s ‘recommendation,’ which is based on the facts and circumstances of a particular case, is the triggering event for application of the rule,” the rule states.

According to the Financial Industry Regulatory Authority, Christopher Fusco holds eight years of securities industry experience. He was last based in Mineola, New York, where he was a broker and investment advisor with Joseph Stone Capital. His past registrations include Arive Capital Markets (Coram, New York; 2017-2019), Joseph Stone Capital (Holbrook, New York; 2015-2017), and Cape Securities (Holbrook, New York; 2011-2015). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7TO. He currently holds no state licenses. (Information current as of July 13, 2022.)

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