Lenny Yurovsky: Why Did FINRA Suspend Joseph Stone Advisor?

Mineola financial advisor Lenny Yurovsky (CRD# 4554905) was recently suspended by securities industry regulators in connection with alleged rule violations. Financial Industry Regulatory Authority records indicate that he is a broker with Joseph Stone Capital, having previously been registered with PHX Capital.

Mr. Yurovsky’s BrokerCheck report describes the recent FINRA action against him, disclosed in December 2022. According to FINRA’s findings, Mr. Yurovsky engaged in excessive and unsuitable trading in the accounts of his customers, including “a farmer with limited investment experience.” Although this customer’s account had an average monthly equity of $158,000, Mr. Yurovsky allegedly recommended transactions that resulted in around $165,000 in “commissions and other costs.” He allegedly also recommended unsuitable and excessive transactions in the accounts of a second individual, “a senior customer” whose account had an average monthly equity of roughly $42,000 and in which Mr. Yurovsky’s trading recommendations led to more than $10,600 in costs, including commissions. “Both customers relied on Yurovsky’s advice and accepted his recommendations,” FINRA alleged, stating further: “Those recommended transactions, which collectively resulted in the customers paying approximately $175,600 in commissions and other charges, were excessive and unsuitable.” In connection with these findings, Mr. Yurovsky was ordered to pay restitution of $10,648.61 and issued a five-month suspension.

A second disclosure on Mr. Yurovsky’s BrokerCheck report describes an investor complaint against him. Filed in 2013, the complaint alleged that as a representative of John Thomas Financial, he misrepresented material facts and recommended an unsuitable investment. In 2014 the complaint reached a settlement of $55,000.

According to the Financial Industry Regulatory Authority, Mr. Yurovsky holds 19 years of securities industry experience. Based in Mineola, New York, he has been a broker with Joseph Stone Capital since 2016. His registration history includes PHX Financial, National Securities Corporation, John Thomas Financial, Laidlaw & Company, Gunnallen Financial, JP Turner & Company, Lasalle St. Securities, Brookstreet Securities Corporation, Raike Financial Group, SW Bach & Company, HSBC Securities, American Express Financial Advisors, and IDS Life Insurance Company. He is licensed in Alabama, California, Connecticut, Florida, Georgia, Indiana, Iowa, Minnesota, New York, Ohio, Pennsylvania, Texas, Utah, Washington, and Wisconsin. (Information current as of February 13, 2023.)

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