Columbus, Ohio financial advisor Tom Bates (CRD# 1037294) allegedly gave misleading investment advice, according to a recent investor complaint. Financial...Read More
Joseph Audia: VCS Advisor Lands $295K Suitability Complaint
Hauppage, New York financial advisor Joseph Audia (CRD# 2909761) recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker with VCS Venture Securities and that he was previously registered with Joseph Stone Capital.
Mr. Audia’s BrokerCheck report discloses several investor complaints. The most recent, filed in September 2023, alleges that as a representative of VCS Venture Securities and Joseph Stone Capital, he recommended unsuitable investments, acted negligently, and caused a lost opportunity. The pending complaint alleges damages of $295,531.50.
An earlier investor complaint, filed in 2010, alleged that as a representative of American Capital Partners, he made unsuitable investment recommendations, committed fraud, churned investments, acted negligently, and breached his fiduciary duty. In 2011 the complaint reached a settlement of $5,000.
A third investor complaint, filed in 2006, alleged that as an American Capital Partners representative, he acted negligent, used margin, recommended unsuitable products, churned investments, and made unauthorized trades. In 2007 the complaint reached a settlement of $24,000.
A fourth disclosure on his BrokerCheck report concerns a FINRA sanction against him. Filed in December 2021, it states that FINRA found he failed to reasonably supervise a representative who excessively and unsuitably traded customer accounts. “Audia was provided with active account reports for certain customer accounts that included multiple red flags indicating excessive trading, including high cost-to-equity ratios and high turnover rates in those customer accounts,” according to FINRA’s findings. “Audia did not reasonably investigate those red flags or otherwise take appropriate action to reduce the cost to equity ratios and turnover rates in those accounts.” FINRA issued him a $5,000 fine and a two-month suspension from registering in any principal capacity.
According to the Financial Industry Regulatory Authority, Joseph Audia holds 25 years of securities industry experience. Based in Hauppage, New York, he has been a broker with VCS Venture Securities since 2021. His registration history includes Joseph Stone Capital (Hauppage, New York; 2013-2021), First Midwest Securities (Hauppage, New York; 2007-2013), American Capital Partners (Hauppage, New York; 2002-2007), Milestone Financial Services (Bohemia, New York; 2001-2002), Joseph Gunnar & Company (Uniondale, New York; 1999-2001), Kedem Capital Corporation (Melville, New York; 1998-1999), and Foster Jeffries Securities (Westbury, New York; 1997-1998). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Banking Registered Representative Examination, or Series 79TO; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 44 state licenses. (Information current as of October 9, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.