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FINRA Sanctions Ex-GWN Securities Rep Ronald Giovino
Ex-Clearwater, Florida stockbroker Ronald Giovino (CRD# 2236071) was sanctioned by FINRA this summer after findings he failed to produce information FINRA requested as part of its investigation into whether he converted customer funds. Previously a representative of GWN Securities, Mr. Giovino was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2021070962701) issued in July 2021, Ronald Giovino was registered with GWN Securities from 2014 until the date of the Letter’s publication. After receiving information via its Securities Helpline for Seniors, FINRA initiated an investigation into whether Mr. Giovino converted customer funds. FINRA’s findings state that it sent him a request on April 23, 2021 in connection to that investigation. While he “produced certain information and documents,” FINRA states, “he failed to make a complete production.” As such, it sent him a second request on June 4, 2021, seeking production of the outstanding materials by June 11, 2021. Mr. Giovino indicated to FINRA via counsel on June 29, 2021 that he was in receipt of FINRA’s request but would not produce the outstanding documents or information. The AWC Letter states that this refusal constituted violations of FINRA Rules 8210 and 2010. As such, it indefinitely barred him from associating with any FINRA member firm in any capacity.
Ronald Giovino’s BrokerCheck report additionally discloses his termination from GWN Securities. According to the disclosure, the firm discharged him in July 2021 in relation to his consent to FINRA’s order barring him. Two years earlier, in April 2019, a party of GWN customers filed a complaint alleging that Mr. Giovino provided incorrect advice regarding an IRA rollover. The customers alleges damages of $60,000 in the complaint, which remains pending.
According to the Financial Industry Regulatory Authority, Ronald Giovino holds 29 years of securities industry experience. His past registrations include Legend Equities Corporation, GWN Securities, Money Concepts Capital Corporation, Royal Alliance Associates, Prime Capital Securities, and Legend Capital Corporation. His credentials include the passage of four securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Investment Company Products/Variable Contracts Principal Examination, or Series 26. He presently holds no state licenses. (Information accessed on January 6, 2022.)
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