Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP are currently investigating First Standard Financial Company LLC (First Standard Financial) broker Rocco Roveccio (Roveccio). According to BrokerCheck Records, Roveccio has been subject to five customer complaints, two of which are still pending. Roveccio has also been subject to a pending regulatory matter, two liens, and a criminal action.
In May 2018, a customer alleged that Roveccio was executing unauthorized trades and recommending unsuitable investments to the customer. The customer has requested $1,500,000 in damages. This dispute is currently still pending.
In January 2018, a customer alleged that Roveccio was executing trades in the account without the customer’s prior permission and also engaged in churning of the account. The customer has requested $115,995.25. This dispute is currently still pending.
In July 2016, Roveccio was sanctioned by the Securities Exchange Commission (SEC) for violating various securities laws, including 17 (a) of the Securities Act of 1933 and Section 10(b) of Securities Act 1934, and the Financial Industry Regulatory Authority (FINRA) Rule 10b-5, which protect investors from misrepresentation of the sale or offer of securities. This regulatory matter is currently still pending.
Brokers are not allowed to engage in unauthorized trading or exercise discretionary power in non-discretionary customer accounts. Unauthorized trading occurs when a broker sells securities without the prior consent from the investor. Brokers have an obligation to first discuss trades with the investor before executing them under NYSE Rule 408(a) and FINRA Rules 2510(b). If a customer’s account is indeed discretionary, firm must keep documentation confirming the customer’s approval and knowledge of the discretionary status of the account.
Roveccio also has an unusual amount of complaints on his record in comparison to his peers. According to newsources, only about 7.3% of financial advisors have any type of disclosure event on their records among brokers employed from 2005 to 2015. However, studies have found that in certain parts of California, New York or Florida, the rates of disclosure go up to as high as 18%. Brokers must publicly disclose reportable events on their CRD customer complaints, IRS tax liens, judgments, investigations, and even criminal matters.
Roveccio entered the securities industry in 1996 and has been registered with First Standard Financial since October 2014. Since 1996, Roveccio has been registered with 14 firms. From June 2012 to October 2014, Roveccio was registered with Alexander Capital, L.P. From November 2009 to June 2012, Roveccio was registered with Brookstone Securities, Inc., which is currently expelled by the FINRA. From October 2008 to November 2009 , Roveccio was registered with Mercer Capital LD. From August 2006 o September 2006, Roveccio was registered with J.P. Turner & Company, L.L.C. From August 2005 to August 2006, Roveccio was registered with Gunnallen Financial, Inc.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of unauthorized trading and brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover