Articles Tagged with DPec Capital

shutterstock_186468539The Financial Industry Regulatory Authority (FINRA) sanctioned (FINRA AWC No. 2013039506601) broker Gregory Gassoso (Gassoso) on allegations that in April 2013, Gassoso effected three unauthorized transactions in a customer’s account, resulting in a loss of approximately $1,500. In addition to FINRA’s recent action Gassoso has been the subject of at least five customer complaints and two other regulatory matters over the course of his career. Customers have filed complaints against Gassoso alleging securities law violations including that the broker made unsuitable investments, unauthorized trades, and poor investment advice among other claims.

Gassoso entered the securities industry in 1997. From September 2001, until June 2012, Gassoso was a registered representative with DPEC Capital, Inc. (DPEC). From August 2012, until January 2015, Gassoso was associated with National Securities Corporation. Finally, from February 2015 until September 2015, Gassoso was again associated with DPEC out of its New York, New York office location.

Gassoso has a disciplinary history including prior regulatory claims of unauthorized trading. Gassoso has been the subject of two prior FINRA disciplinary actions for unauthorized activity including a May 2003, action where he was fined $5,000 and suspended from association with a FINRA for ten days for opening accounts for customers without their knowledge or authorization. In another incident in June 2005, Gassoso was fined $6,000 and suspended for 60 days from association with a FINRA member for unauthorized trading in customer accounts.

The Securities and Exchange Commission (SEC) recently found that broker Jason Konner (Konner) churned the brokerage account of James Carlson (Carlson).  The SEC decision ordered Konner to: (1) cease and desist from committing fraud; (2) be barred from association with a broker, dealer, investment adviser, (3) disgorge $55,000 plus prejudgment interest, and (4) pay civil penalties of $150,000.  In addition, at least three customer complaints have been initiated against Konner alleging churning, unsuitable investments, fraud, and breach of fiduciary duty.

The SEC allegations against Konner also involved several other J.P. Turner & Company, LLC (JP Turner) registered representatives including Michael Bresner (Bresner), Ralph Calabro (Calabro), and Dimitrios Koutsoubos (Koutsoubos).  The SEC alleged that Calabro, Konner, and Koutsoubos between January 1, 2008, and December 31, 2009, churned the accounts of seven customers by engaging in excessive trading for their own gains in disregard of their clients’ investment objectives and risk tolerances.  The SEC claimed that Calabro, Konner, and Koutsoubos generated charges totaling approximately $845,000, for their benefit while the clients suffered aggregate losses of approximately $2,700,000.

JP Turner is a registered broker-dealer headquartered in Atlanta, Georgia, with two majority owners.  From 2008 to 2009, JP Turner had approximately 200 small or one-person branch offices.  Konner joined JP Turner in 2006 and left in December 2011.  Thereafter, Konner became employed with DPec Capital.

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