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Read MoreFINRA Investigating Garden City Advisor James Pecoraro
Spartan Capital Securities financial advisor James Pecoraro (CRD# 2440231) is under examination by the Financial Industry Regulatory Authority in relation to allegations of churning and excessive trading. FINRA records show that he is registered as a broker in Garden City, New York.
According to Mr. Pecoraro’s BrokerCheck report, in March 2022 FINRA “made a preliminary determination to recommend that disciplinary action be brought” against him. The disclosure states that FINRA’s action would he violated federal securities law and FINRA rules by churning customer accounts, excessively trading customer accounts, and recommending unsuitable trading strategies. The investigation has not yet resulted in any enforcement action.
Mr. Pecoraro has previously been sanctioned by FINRA, according to his BrokerCheck report. An enforcement action brought by the regulatory organization 2010 found that he “engaged in a pattern of trading activity in a customer’s account that was excessive in light of the customer’s objectives, financial situations and needs.” He was suspended for 30 days and fined $10,000.
There are several customer disputes listed on Mr. Pecoraro’s BrokerCheck report. The most recent, filed in 2019, alleged he recommended unsuitable investments, breached his fiduciary duty, acted negligently, committed fraud, made unauthorized transactions, and made misrepresentations. The complaint reached a settlement of $36,000. In a statement on the disclosure, Mr. Pecoraro denied “all allegations stated” and wrote that the investments underlying the complaint “were suitable for the client as stipulated in his investment profile.”
An earlier complaint, filed in 2009, alleged that Mr. Pecoraro made unauthorized trades, recommended unsuitable investments, churned investments, committed fraud, and breached his fiduciary duty while a representative of J.P. Turner & Company. The complaint reached a settlement of $55,000. In a statement on the disclosure, he wrote that the “client authorized all account activity.”
A complaint filed in 2003 alleged that as a representative of Harrison Securities, Mr. Pecoraro executed unauthorized trades. The complaint evolved into a FINRA arbitration proceeding, concluding with a panel’s award to the customer of $235,735.
According to the Financial Industry Regulatory Authority, James Pecoraro holds 22 years of securities industry experience. Based in Garden City, New York, he has been a representative of Spartan Capital Securities since 2019. His past registrations include SW Financial, Primary Capital, Rockwell Global Capital, Prestige Financial Center, J.P. Turner & Company, Brundyn Securities. L.H. Ross & Company, Harrison Securities, and G.B.I. Capital Partners. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 27 state licenses. (Information current as of June 8, 2022.)
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