Joao Pinto: $268K Complaint Against Spartan Capital Advisor

New York City financial advisor Joao Pinto (CRD# 6298233) allegedly churned investments and made misrepresentations of material facts, according to a recent investor complaint. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker with Spartan Capital Securities, having previously been registered with Benchmark Investments.

Mr. Pinto’s BrokerCheck report discloses one investor complaint. Filed in October 2022, it alleges that as a representative of Spartan Capital Securities, he made misrepresentations and omissions of material facts, engaged in negligence, churned investments in the customer’s account, and failed in his supervisory duties. The pending complaint alleges damages of $268,386.

In a statement included with the pending complaint’s disclosure, Mr. Pinto pushed back against the allegations. “Applicant strongly denies these allegations, claimant was an active and knowledgeable participate in the decision making and authorized every transaction,” he wrote, continuing: “Claimant was aware of all risk involved as well as the commissions charged. Applicant contends that this is an arbitration which was not brought in good faith, and which is unsupported by claimants’ allegations.”

According to the Financial Industry Regulatory Authority, Joao Pinto holds eight years of securities industry experience. Based in New York City, he has been a broker with Spartan Capital Securities since 2019. His past registrations include Benchmark Investments (New York, New York; 2019) and Newbridge Securities Corporation (New York, New York; 2014-2019). His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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 licenses in Arizona, California, Florida, Idaho, Illinois, Mississippi, Missouri, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Washington, West Virginia, and Wisconsin. (Information current as of February 15, 2023.)

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