Securities Lawyers Blog
The investment lawyers at Gana Weinstein LLP have experience helping investors determine whether their portfolio losses at investment firms, such as Joseph Stone Capital L.L.C., were caused by broker misconduct. There are many different ways that your broker can impermissibly drain your accounts. Our attorneys can help you understand the cause of your investment losses, uncover misconduct, and apply the law to hold accountable those responsible.
Joseph Stone Capital is a retail broker-dealer that buys and sells stocks, options, and mutual funds for customers on a fully disclosed agency basis through a clearing firm and also earns private placement fees. Formed in Delaware in 2011, the firm is based in Mineola, New York, on Long Island.
Joseph Stone Capital L.L.C. – By the Numbers:
- CRD #: 159744
- Regulatory Events: 5
- Arbitration Events: 3
- Broker Employees: 25
Joseph Stone Capital L.L.C. – In the News:
FINRA v. Joseph Stone Capital L.L.C. (Case #2022076525101) – Joseph Stone failed to comply with FINRA Rule 3170 (the Taping Rule), which requires certain firms to tape record all telephone conversations between their registered persons and existing and potential customers. Between September 2021 and July 2024, the firm’s special written procedures were not reasonably designed to comply with the Taping Rule. In certain instances, between September 2021 and May 2022, the firm failed to record all conversations as required by the Taping Rule. As a result, the firm violated FINRA Rules 3170 and 2010. For these violations, Joseph Stone is censured and fined $35,000.
FINRA v. Joseph Stone Capital L.L.C. (Case #2019063821607) – From January 2015 through June 2020, Joseph Stone failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the suitability requirements of FINRA Rule 2111 as they pertain to excessive trading. As a result, Joseph Stone failed to identify or reasonably respond to red flags of excessive trading in 25 customer accounts that caused the customers to pay more than $1,037,000 in commissions, fees, and margin interest. By this conduct, Joseph Stone violated FINRA Rules 3110(a) and (b) and FINRA Rule 2010.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.