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Richard Calabrese: $9.9mm Complaint Against Corinthian Advisor
New York City financial advisor Richard Calabrese (CRD# 1549013) recently received an investor complaint alleging that his conduct resulted in damages of more than $9 million. Financial Industry Regulatory Authority records show that he is a broker with Corinthian Partners.
Mr. Calabrese’s BrokerCheck report discloses one investor complaint. Filed in November 2023, it alleges that as a representative of Corinthian Partners, he failed to supervise in connection with a corporate bond investment. The pending complaint alleges damages of $9,937,000.
A second disclosure on Mr. Calabrese’s BrokerCheck report concerns a FINRA sanction against him. Filed in 2019, it states that FINRA found that he “failed to establish, maintain and enforce a reasonably designed supervisory system, including [written supervisory procedures], regarding the sale of Non-Traditional Exchange Traded Products (NT-ETPs) to member firm customers.” As the firm’s chief compliance officer, FINRA found, he held responsibility over the supervision of a representative who sold NT-ETPs. The representative in question allegedly recommended that customers “invest almost exclusively” in these products and hold them for “extended periods.” Although this trading activity involved “approximately $279 million in purchases and $275 million in sales, and generated approximately $890,000 in commissions,” the firm allegedly did not have reasonable policies and procedures governing it.
Mr. Calabrese allegedly failed to supervise the sales to ensure their suitability for firm customers, FINRA found, and did not recognize or scrutinize signs of unsuitable trading. In connection with these findings, FINRA fined him $10,000 and suspended him from registering in any principal capacity for 30 business days.
According to the Financial Industry Regulatory Authority, Richard Calabrese holds 37 years of securities industry experience. Based in New York, New York, he has been a broker with Corinthian Partners since 1996. He was previously registered with Lehman Brothers in New York City, from 1986 until 1996. His credentials include the passage of seven securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Compliance Officer Examination, or Series 14; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Banking Registered Representative Examination, or Series 79TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 25 state licenses. (Information current as of January 6, 2024.)
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.