Switch to ADA Accessible Theme
Close Menu
Free Consultation: 888-976-6111

Carmine Berardi: 1st Standard Rep Suspended Over Churning Complaint

Former Red Bank, New Jersey broker and investment adviser Carmine Berardi (CRD# 4879362) has been suspended by the Financial Industry Regulatory Authority (FINRA) in connection to allegations he failed to comply with an award or settlement agreement. Berardi was most recently associated with First Standard Financial Company in Red Bank.

Carmine Berardi’s BrokerCheck report currently lists one disclosure: an August 2021 suspension in connection to allegations he “failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.” According to the disclosure, he was suspended under Article VI, Section 3 of FINRA By-Laws and FINRA Rule 9554. The suspension took effect on August 10, 2021 and will last indefinitely, until the payment in question is made or discharged.

According to the arbitration award in question, the matter concerns a 2019 complaint alleging breach of contract, breach of warranties, promissory estoppel, violations of state securities statutes and the Consumer Protection and Deceptive Trade Practices Act, and other common law claims in connection to allegations of account churning and unauthorized trading. The complaint resulted in an award to the customer of more than $232,400.

According to the Financial Industry Regulatory Authority (FINRA), Carmine Berardi holds 11 years of securities industry experience and is currently suspended from acting as a broker. His prior registrations include First Standard Financial Company in Red Bank, New Jersey; Alexander Capital in Staten Island, New York; Brookstone Securities in Staten Island, New York; Mercer Capital in New York, New York; Newbridge Securities Corporation in Staten Island, New York; JP Turner & Company in Staten Island, New York; and Gunnallen Financial in Staten Island, New York. He has passed five securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Investment Adviser Law Examination, or Series 65; the Securities Industry Essentials Examination, or SIE; the General Securities Principal Examination, or Series 24; and the General Securities Representative Examination, or Series 7. He currently holds zero state securities licenses. (Information current as of August 18, 2021.)

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • FINRA Suspends Ex-Melville Broker Douglas Szempruch: Suitability

    Douglas Szempruch (CRD# 4159318), previously a stockbroker in Melville, New York, was sanctioned by the Financial Industry Regulatory Authority over...

    Read More
  • Stu Pearl: Ex-Indianapolis Rep Sanctioned over ETF Allegations

    Former Indianapolis stockbroker Stu Pearl (CRD# 1500833) has been sanctioned by the Financial Industry Regulatory Authority over findings he made...

    Read More
  • Former SagePoint Rep Gary Bowman Suspended: UIT Allegations

    Gary Bowman (CRD# 2035699) , an ex-SagePoint Financial stockbroker, has been sanctioned by the Financial Industry Regulatory Authority after findings...

    Read More
  • James Flower: Ex-NYC Rep Barred over VXX ETN Trades

    Ex-Spartan Capital Securities stockbroker James Flower (CRD# 2817701) has been barred from acting as a broker or otherwise associating with...

    Read More
  • Previous
  • Next