Churning (Excessive Trading)

Broker Lawrence Whipple in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

October 17, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Lawrence Whipple (Whipple), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Whipple concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $2,000,000.00 on May 14, 2024.

Power of Attorney for client alleges excessive trading in client’s account from December 2022 to November 2023

Broker Christian Ramsey in Gwn Securities INC. Firm Has Customer Complaint

October 15, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Christian Ramsey (Ramsey), previously associated with Gwn Securities INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Ramsey concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $250,000.00 on June 11, 2025.

Respondents exploited Claimant’s lack of understanding by selling high-commission, complex, and illiquid alternative investments. They encouraged Claimant to rely on their advice while referencing inflated pricing without disclosing that no true market existed. Claimant was left uninformed of available liquidation or mitigation options, keeping him dependent on Respondents’ guidance and delaying any potential complaint.\, \, Despite ongoing duties, Respondents continued advising Claimant to hold these unsuitable investments, misrepresenting them as ‘lower risk’ despite their illiquidity, concentration issues, and high commissions. Claimant reasonably relied on Respondents’ superior knowledge and believed they would act in his best interest, particularly given his nearing retirement. Instead, Respondents prioritized their own compensation, ignoring regulatory standards for sales of complex products to retail investors.\, \, Respondents’ misrepresentations and omissions caused Claimant to invest in and retain unsuitable products, resulting in substantial losses. The delayed discovery of this misconduct does not relieve Respondents of liability.\, \, No dates were provided.

Broker Peter Viglione in Network 1 Financial Securities INC. Firm Has Customer Complaint

October 5, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Peter Viglione (Viglione), currently associated with Network 1 Financial Securities INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Viglione concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $334,000.00 on October 26, 2022.

Client alleges excessive trading, excessive commissions and unauthorized trading from 2015-2018

Broker Christopher Fusco in Joseph Stone Capital L.l.c. Firm Has Customer Complaint

October 3, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Christopher Fusco (Fusco), previously associated with Joseph Stone Capital L.l.c., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Fusco concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $453,406.47 on November 10, 2022.

Suitability, Churning

There are Recent Customer Complaints with Broker Stuart Pearl in Firm David A. Noyes & Company

September 30, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Stuart Pearl (Pearl), previously associated with David A. Noyes & Company, has been subject to at least 2 disclosable events. These events include 2 customer complaints. Several of those complaints against Pearl concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $825,000.00 on December 06, 2022.

Client alleged unsuitable trading of listed equities that were unauthorized, use of margin and churning.

Broker Michael Venturino in Spartan Capital Securities, LLC Firm Has Customer Complaint

September 23, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Venturino (Venturino), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Venturino concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $46,399.00 on February 01, 2023.

Suitability, churning, failure to supervise, breach of fiduciary duty, breach of contract, unauthorized trading, negligence, misrepresentation, and omission of facts

There are Recent Customer Complaints with Broker Pamela Espinosa in Firm Kestra Investment Services, LLC

September 23, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Pamela Espinosa (Espinosa), currently associated with Kestra Investment Services, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Espinosa concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on January 25, 2023.

Claimant alleges Espinosa recommended unsuitable private investments in order to generate high commissions. Additionally, claimant alleges that Espinosa engaged in cross trading.

There are Recent Customer Complaints with Broker Adam Brown in Firm Westpark Capital, INC.

September 21, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Adam Brown (Brown), previously associated with Westpark Capital, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Brown concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $351,987.66 on February 13, 2023.

Suitability and Churning, Breach of Fiduciary Duty, Breach of Contract, Unauthorized Trading, Negligence, Misrepresentation and Omission of Facts, Lost Opportunity, and Punitive Damages during the time period of August 2015 through March 2022

There are Recent Customer Complaints with Broker Lon Faccini in Firm Tsg Capital Advisors

September 20, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Lon Faccini (Faccini), previously associated with Tsg Capital Advisors, has been subject to at least 2 disclosable events. These events include one customer complaint, one regulatory event. Several of those complaints against Faccini concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on February 16, 2023.

Without admitting or denying the findings, Faccini consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading, including using margin, in customers’ accounts. The findings stated that Faccini recommended that the customers place trades in their accounts, most of which were executed using margin for one of the customers and all were executed using margin for the other customer. Both customers routinely accepted Faccini’s recommendations. Although the customer’s account had an average month-end equity of approximately $116,900 for 19 months, Faccini recommended purchases with a total principal value of approximately $2,410,300, which resulted in an annualized turnover rate in the account just over 13. As a result of Faccini’s unsuitable recommendations, that customer had a loss of approximately $36,700. Collectively, the trades that Faccini recommended caused that customer to pay approximately $55,389 in commissions and fees and another $12,997 in margin interest for a total of approximately $68,385. In addition, although the other customer’s account had an average month-end equity of approximately $26,856 for 16 months, Faccini recommended purchases with a total principal value of approximately $522,438, which resulted in an annualized turnover rate in the account of 14.59. As a result of Faccini’s unsuitable recommendations, the other customer had a loss of approximately $17,395. Collectively, the trades that Faccini recommended caused the other customer to pay approximately $16,074 in commissions and fees and another $2,696 in margin interest for a total of approximately $18,770.

There are Recent Customer Complaints with Broker Clifford Reid in Firm Reid & Rudiger LLC

September 20, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Clifford Reid (Reid), currently associated with Reid & Rudiger LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Reid concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on February 14, 2023.

Customer alleged sales practice viiolations including unsuitability, excessive trading and commissions, failure to supervised and breach of fiduciary duty.