NYC Rep Christopher Orlando Barred over Excessive Trading Allegations

Christopher Orlando (CRD# 4136262), previously a stockbroker based in New York City, has been sanctioned by the Financial Industry Regulatory Authority and barred from acting as a broker. The former Spartan Capital Securities representative was found to have engaged in quantitatively unsuitable trading in customer accounts. 

According to a Letter of Acceptance, Waiver and Consent (No. 2017056432603) released in June 2021, Christopher Orlando was registered with Legend Securities and later Worden Capital Management when, between 2015 and 2018, he engaged in excessive trading in 13 accounts belonging to 12 customers of his member firms. The findings state specifically that he he “recommended high frequency trading” in the accounts and “often recommended the sale of one security and the simultaneous investment of the sale proceeds into a new security within short time periods.” Because his clients regularly followed his investment recommendations, FINRA concluded, he held de facto control over their accounts. 

FINRA’s findings detail the costs and losses his trading caused in each of the customers’ accounts. For instance: In Customer 1’s account, his trading resulted in costs of $236,735 and realized losses of $118,490; in Customer 7’s account, his trading resulted in $35,954 in costs and $47,377 in realized losses; and in Customer 12’s account, his trading resulted in $16,767 in costs and $63,413 in realized losses.

In total, FINRA’s findings state, Christopher Orlando’s trading activity in the 12 customers’ accounts resulted in $483,680 in realized losses and $581,216 in trading costs, a sum that included $496,872 in commissions. FINRA concluded that his conduct in these accounts was excessive and unsuitable, constituting violations of FINRA Rules 2111 and 2010. As a result of these findings, FINRA barred him from associating with any FINRA member in any capacity.

According to the Financial Industry Regulatory Authority, Christopher Orlando holds 18 years of securities industry experience. His past registrations include Spartan Capital Securities, St. Bernard Financial Services, Worden Capital Management, Legend Securities, National Securities Corporation, Joseph Gunnar & Company, Brookstone Securities, JP Turner & Company, and Joseph Stevens & Company. His credentials include the passage of three securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He presently holds no state licenses. (Information accessed on January 10, 2022.)

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