Joseph Todaro: Churning Complaints Against Ex-Worden Advisor

Investor complaints against Hauppage, New York financial advisor Joseph Todaro (CRD# 5708585) allege he engaged in unauthorized trading and churning, among other forms of misconduct. Financial Industry Regulatory Authority records show that he is a broker with Network 1 Financial Securities, having previously been registered with SW Financial and Worden Capital Management.

Mr. Todaro’s BrokerCheck report discloses three pending investor complaints against him. The most recent, filed in March 2022, is a complaint by 54 claimants against 54 representatives. The complaint alleges negligence, excessive trading, unsuitable investment recommendations, and breach of fiduciary duty. The pending complaint alleges unspecified damages.

A second complaint, filed in January 2022, alleges excessive trading. The pending complaint also alleges unspecified damages.

A third complaint, filed in 2020, alleges poor performance, failure to follow instructions, poor service, and excessive trading, alleging a damages amount identified in the claim as $206,000.

Another investor complaint filed in 2022 alleged that as a representative of SW Financial, Mr. Todaro “executed unauthorized equity and options trades.” The complaint reached a settlement of $19,000. A complaint filed in 2018 alleged that as a representative of Laidlaw & Company, he engaged in churning, unauthorized trading, and unsuitable trading, reaching a settlement in 2020 of $14,000. A complaint filed in 2017 alleged unauthorized trading, and unsuitable trading, reaching a settlement in 2020 of $60,000. Another 2017 complaint alleged churning and excessive commissions, settling for $14,800.

Mr. Todaro’s BrokerCheck report additionally discloses his 2021 firing from SW Financial. According to the disclosure, his termination related to allegations he “used non-approved electronic communications method after written reprimands.” 

According to the Financial Industry Regulatory Authority, Joseph Todaro holds 10 years of securities industry experience. Based in Hauppage, New York, he has been a broker with Network 1 Financial Securities since 2022. His past registrations include SW Financial (Melville, New York; 2020-2021), Worden Capital Management (Melville, New York; 2018-2020), Spartan Capital Securities (Garden City, New York; 2016-2018), Laidlaw & Company (Melville, New York; 2015-2016), Craig Scott Capital (Uniondale, New York; 2015), Rockwell Global Capital (Melville, New York; 2012-2015), and EKN Financial Services (Melville, New York; 2012). His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 25 state licenses. (Information current as of June 16, 2022.)

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