Boca Raton, Florida, based broker Paul Falcon (also known as Paul Anthony Falcon Jr.), is currently the subject to a pending customer dispute filed on the allegations of negligence, breach of fiduciary duty, and breach of contract, according to an investigation by attorney Alan Rosca.
Securities attorney Alan Rosca of the Rosca Scarlato law firm is currently investigating the circumstances surrounding the allegations brought by Falcon‘s customers. Concerned investors are encouraged to contact attorney Rosca toll free at 888-998-0530, via email at arosca@rscounsel.law, or by using the contact form on this page.
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Broker Paul Falcon Has Been Subject to Several Customer Disputes
According to disclosures contained in his FINRA Brokercheck Report, as of the date of this article Paul Anthony Falcon has been subject to a dispute that shows as pending, and four additional customer disputes that are reported as settled.
In a dispute filed with FINRA in December 2018, a customer is alleging that while he was registered with Aegis Capital Corp, broker Paul Falcon engaged in negligence, breach of fiduciary duty, and breach of contract resulting in $1,000,000 in alleged losses. As of the date of this article, the dispute is reported as pending.
In a March 2017 dispute, a customer alleged that Paul Anthony Falcon recommended unsuitable investments, and engaged in excessive and unauthorized trading. The customer also alleged poor performance of his portfolio, and requested $190,000 in alleged damages. In February 2018, this dispute concluded in a settlement to the tune of $210,000.
In 2001, a customer alleged that while broker Paul Falcon was with First Union Securities, he failed to liquidate mutual funds and use the proceeds to purchase CD, as instructed by the customer, and instead Falcon purchased a government bond fund, allegedly causing $11,631 in losses. This dispute concluded a few months later in a $2,000 settlement.
In 2001 a customer alleging misrepresentations involving federal home loan bonds, settled the dispute for $4,667. In another dispute filed in 1999, while Paul A. Falcon was with Citicorp Investment Services, a customer making similar allegations agreed to settled the dispute for $15,000.
Finally, a customer filed a dispute in 2016 alleging unsuitable investment recommendations and poor performance, requesting $190,672 in damages, but the dispute was closed one year later without a action.
Broker Paul Anthony Falcon Sanctioned by FINRA
According to a Letter of Acceptance, Waiver, and Consent (“AWC”), Paul Anthony Falcon Jr engaged in violation of Florida Securities Law, failure to make and preserve books and records required under FINRA rules, caused his member firm to fail to preserve books and records including electronic communications of securities records for a period of not less than 3 years in violation of FINRA rule. Without admitting or denying the findings Falcon agreed to a suspension and a fine by signing the AWC in February 2020.
Aegis broker Paul Falcon was suspended 30 days and fined $5,000 for using WhatsApp for securities business. Allegedly Falcon used the third party application November 9, 2017 and June 25, 2019 by exchanging at least 348 communications with customer JCVC which concerned securities related business.
Between November 10, 2017 and March 20, 2019, Falcon also exchanged 316 WhatsApp communications with customer DV which concerned securities related business, the AWC reports. In addition, between November 10, 2017 and June 8, 2019 Falcon allegedly exchanged 230 WhatsApp communications with customer AN which concerned securities related business.
Allegedly, Mr. Falcon used his personal cellular telephone to communicate through WhatsApp to these customers, but also used his employer, Aegis, desktop computer without approval. Aegis was not able to capture sent and received communications sent by Falcon through the WhatsApp to maintain and preserve the records, FINRA reports.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Securities Attorneys Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating broker Paul Falcon and the allegations brought against him by his customers.
The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorneys Alan Rosca , a securities lawyer and adjunct professor of securities regulation, or Paul Scarlato, a securities lawyer, have represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Paul Anthony Falcons’ alleged negligence, breach of fiduciary duty, and breach of contract, may contact attorneys Alan Rosca or Paul Scarlato for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law or pscarlato@rscounsel.law. They can also be reached through the contact form on this webpage