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Philip Marchese: FINRA Suspends Ex-Spartan Capital Advisor

New York City financial advisor Philip Marchese (CRD# 5905008) excessively traded customer accounts, according to a recent regulatory action suspending him from acting as a broker. Financial Industry Regulatory Authority records show that he was a broker with Spartan Capital Securities until his suspension commenced earlier this year, and that he has previously been registered with Joseph Stone Capital and Worden Capital Management. 

According to a Letter of Acceptance, Waiver, and Consent (No. 2018056490301) issued in April 2022, Mr. Marchese was affiliated with Spartan Capital Securities when, between August 2017 and November 2019, he excessively traded the accounts of four customers. The AWC Letter dscribes the effects of his alleged excessive trading in each account. For one customer, his trading allegedly resulted in $143,237 in total trading costs, “including $132,121 in commissions,” while resulting in $159,460 in realized losses. In a second customer’s account, his trading allegedly resulted in total trading costs of $4,607, “including $3,405 in commissions,” while resulting in realized losses of $23,202. In a third customer’s account, his trading allegedly resulted in total costs of $66,335, “including $59,859 in commissions,” while resulting in realized losses of $22,508. And in a fourth customer’s account, his trading allegedly resulted in total costs of $30,466, “including $27,307 in commissions,” while resulting in realized losses of $41,157. FINRA’s found that his trading activity in the accounts of the customers in question “was excessive and unsuitable given the customers’ investment profiles,” concluding that he violated FINRA Rules 2111 and 2010. He was issued a 12-month suspension from associating with any FINRA member firm in any capacity. He was also ordered to pay partial restitution in the amount of $50,000.

Mr. Marchese’s BrokerCheck report also discloses one investor complaint against him. Filed in 2015, the complaint alleged that as a representative of Legend Securities, he acted negligently, made “widely unsuitable transactions,” committed fraud, misrepresented material information, breached his fiduciary duty, and breached contract. In 2016 the complaint reached a settlement of $50,000.

According to the Financial Industry Regulatory Authority, Philip Marchese holds 10 years of securities industry experience. Most recently based in New York City, he is currently suspended from acting as a broker until May 1, 2023. His past registrations include Spartan Capital Securities, Joseph Stone Capital, Worden Capital Management, Legend Securities, Joseph Gunnar & Company, and Brookstone Securities. His credentials include the passage of three securities industry qualifying examinations: 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. (Information current as of July 29, 2022.)

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.

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