Chris Gallo: FINRA Suspends Joseph Stone, Ex-Spartan Advisor

New York City financial advisor Christopher Gallo (CRD# 6045888) was recently suspended in connection with allegations of excessive and unsuitable trading. Financial Industry Regulatory Authority records show that he is registered as a broker with Joseph Stone Capital, having previously been registered with Spartan Capital Securities.

A Letter of Acceptance, Waiver, and Consent (No. 2018056490321) describes FINRA’s disciplinary action against Mr. Gallo. Filed in November 2024, it alleges that he recommended excessive and unsuitable trades to two customers. One customer was a 54-year-old retiree when he opened the account with Mr. Gallo, according to the AWC Letter, and his investment objective was “speculation.” He allegedly “recommended 45 transactions” in the account, resulting in $28,428 in commissions and $95,393 in realized losses. The other customer, according to the AWC Letter, was 73 years old when he opened his account, and his objective was also speculation. Mr. Gallo allegedly recommended 120 trades in the account that generated $69,553 in commissions and $109,099 in realized losses.

“The level of trading that [Mr.] Gallo recommended in the two customers’ accounts,” the Letter concluded, “was excessive and not in the best interest of the customers.” FINRA found that his actions constituted willful violations of the Exchange Act and FINRA Rule 2010. It issued him a fine-month suspension from associating with any member firm in any capacity.

According to the Financial Industry Regulatory Authority, Christopher Gallo holds six years of securities industry experience. Based in New York City, he has been registered as a broker with Joseph Stone Capital since May 2023. He was previously registered with Spartan Capital Securities in New York City from 2018 until 2023. He is licensed in California, Massachusetts, New Jersey, New York, and Texas. (Information current as of November 27, 2024.)

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