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Ex-Woodstock Rep Alfonse Stazzone Suspended by FINRA
Alfonse Stazzone (CRD# 4908107), a stockbroker previously registered in New Jersey, has been sanctioned by the Financial Industry Regulatory Authority and suspended from acting as a broker. He was previously a representative of Monmouth Capital Securities in Holmdel, New Jersey; Garden State Securities in Red Bank, New Jersey; and Woodstock Financial in Staten Island, New York.
According to a Letter of Acceptance, Waiver and Consent (No. 2018060806601) issued in August 2021, Alfonse Stazzone was registered with Woodstock Financial Group when, between September 2017 and August 2018, he allegedly engaged in excessive, unsuitable trading in a customer’s account. The customer in question was a 57-year-old printing company manager with limited investment experience consisting of “mutual funds in his retirement account,” per the AWC Letter. The account he opened at Woodstock Financial with Mr. Stazzone and an unnamed representative “came from savings bonds,” and he allegedly followed all of the recommendations made by Mr. Stazzone and the other representative, leading FINRA to conclude that Mr. Stazzone “exercised de facto control” over the account.
FINRA’s findings go on to state that during the period in question, Alfonse Stazzone recommended excessive trading in the account that led to an annualized cost-to-equity ratio of 221.56, meaning that the customer’s “investments had to grow by more than 221 percent to break even.” The commissions paid by the customer in connection to these trades totaled more than $173,000, according to FINRA, which concluded that Mr. Stazzone’s trading recommendations “were excessive and unsuitable given the customer’s investment profile.” As a result of these findings, FINRA suspended Mr. Stazzone from associating with any FINRA member firm in any capacity for four months. It also ordered him to pay a fine of $5,000.
According to the Financial Industry Regulatory Authority, Alfonse Stazzone holds 16 years of securities industry experience. His prior registrations include Monmouth Capital Management (Holmdel, New Jersey; 2021), Garden State Securities (Red Bank, New Jersey; 2019-2021), Woodstock Financial Group (Staten Island, New York; 2013-2019), Chelsea Financial Services (Staten Island; 2011-2013), Brookstone Securities (Staten Island; 2010-2011), First Midwest Securities (Staten Island; 2008-2010), Brecek & Young Advisors (Staten Island, 2007-2008), VFinance Investments (Staten Island; 2007), and JP Turner & Company (Staten Island; 2005-2007). His credentials include the passage of three securities industry examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the Corporate Securities Limited Representative Examination, or Series 62. He presently holds no state licenses. (Information accessed on January 6, 2021.)