Spartan’s Nicholas Schiano Has 6-Figure Investor Complaints

New York City financial advisor Nicholas Schiano (CRD# 4429212) has received investor complaints alleging his investment recommendations resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker with Spartan Capital Management, having previously been registered with Worden Capital Management.

Mr. Schiano’s BrokerCheck report discloses seven investor complaints. The most recent was filed in 2021, alleging that as a representative of Spartan Capital Management, he churned investments, made unsuitable investment recommendations, breached his fiduciary duty, made misrepresentations of material facts, executed unauthorized trades, and failed to supervise. The pending complaint alleges damages of $350,343.10. In a comment on the disclosure, Mr. Schiano “vehemently denies” the allegations and states that the customer “was aware of any risk involved, commission charged and was a sophisticated investor willing to take risk.”

An earlier complaint, filed in 2020, alleges that as a representative of Worden Capital Management, Mr. Schiano breached contract, engaged in qualitative and quantitative unsuitability, churned investments, breached his fiduciary duty, and made misrepresentations and omissions. The pending complaint alleges damages of $414,744. In a statement on the disclosure, Mr. Schiano states, “The claimant’s account was moved from Rep to Rep, during the period of which I serviced the account, there was no wrong doing, the client was an active party to and completely aware of all transactions, and, in fact, the account was profitable while I was the rep of record.”

A third investor complaint was filed in April 2021, alleging that Mr. Schiano recommended unsuitable investments, breached his fiduciary duty, and churned investments in the account. The complaint reached a settlement of $5,000. A fourth complaint, filed in 2020, alleged that Mr. Schiano made excessive trades, over-concentrated securities in the account, and recommended unsuitable investments. The complaint reached a settlement of $7,499.

A complaint filed in 2019 alleged that as a representative of Legend Securities, Mr. Schiano misrepresented material facts, was negligent, and breached his fiduciary duty. The complaint reached a settlement of $32,500. A similar complaint also filed in 2019 alleged unsuitable transactions, reaching a settlement of $35,000.

According to the Financial Industry Regulatory Authority, Nicholas Schiano holds 20 years of securities industry experience. Based in New York City, he has been a broker with Spartan Capital Management since 2017. His past registrations include Worden Capital Management, Legend Securities, Joseph Gunnar & Company, Brookstone Securities, Citigroup Global Markets, Chase Investment Services, E*Trade Securities, J.P. Turner & Comapny, Gunnallen Financial, and G&L Partners. His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the NYSE Trading Assistant Examination, or Series 25; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination, or SIE. He holds 51 state licenses. (Information current as of June 17, 2022.)

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