Broker Anthony Tricarico has been sanctioned by FINRA on allegations of excessive and quantitatively unsuitable trading in the accounts of customers according to FINRA’s Letter of Acceptance, Waiver and Consent(AWC), under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm and his colleagues are investigating the allegations of unsuitable and excessive trading involving Anthony Tricarico. Investors who are concerned about their investments are encouraged to contact attorney Alan Rosca or his colleagues for a free consultation and discussion of options, or to provide any useful information. Call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
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Anthony Tricarico Suspended and Fined $5,000
As reported on the AWC, Tricarico allegedly conducted high cost-to-equity ratios and turnover rates in the accounts of his firm’s customers for approximately a year, between November 2014 through November 2015.
Tricarico allegedly recommended the trading in customer’s accounts and they routinely followed his recommendations, thus, exercising de facto control over the customers accounts.
Furthermore, a married couple allegedly followed Tricarico’s trading recommendations from January 2015 through August 2015 and Tricarico allegedly generated an annualized cost-to-equity ratio of 161.7% and an annualized turnover rate of 46.58.
The married couple paid $30,615 in commissions and trading costs and incurred losses of $28,318, the AWC notes.
In addition, another customer allegedly followed Tricarico’s trading recommendations from November 2014 through November 2015 and Tricarico allegedly generated an annualized cost-to-equity ratio of 91.48% and an annualized turnover rate of 17.73.
The customer paid $14,118 in commissions and trading costs, and incurred losses of $11,530, the AWC notes.
Without admitting or denying the findings and solely for the purposes of the proceeding brought by or on behalf of FINRA, prior to a hearing and without an adjudication of any issue of law or fact., Tricarico signed the Acceptance Waiver and Consent order issued by FINRA which included a six-month suspension from associating with any FINRA member firm in all capacities, and a $5,000 fine. The suspension will be in effect until July 31, 2021.
Tricarico Was Sanctioned by the State of New Jersey Bureau of Securities in 1995 and New York Stock Exchange in 1992
According to Tricarico’s FINRA Brokercheck page, he was sanctioned in 1992 and subsequently in 1995 according to two regulatory actions.
The State of New Jersey Bureau of Securities initiated a regulatory action against Tricarico in 1995 alleging he applied for agent registration after expiration of his suspension from New York Stock Exchange for opening securities accounts in the names of customers without their knowledge or authorization and unauthorized transactions in those accounts.
Tricarico allegedly consented to the sanction in May 1995.
In 1992, the New York Stock Exchange initiated a regulatory action against broker Anthony Tricarico on allegations of engaging in conduct inconsistent with just and equitable principles of trade in that he opened securities accounts for one or more customers of his member organization employer without the knowledge or authorization of such customers and effected one or more unauthorized trades in one or more customer accounts, according to his Brokercheck report.
As a result, Tricarico was allegedly censured and suspended from membership in June 1993.
Anthony Tricarico Customer Alleged Unsuitable Investments
Aa customer dispute disclosure alleged unsuitable investments, while broker Anthony Tricarico was registered with Aegis Capital Corp, Tricarico‘s FINRA brokercheck report states. The customers allege unspecified damages estimated to be greater than $5k. The dispute was reportedly filed with FINRA.
Anthony Tricarico Customers Were Paid $100K in Settlements in 1991 and 1994
In January 1994, a customer filed a dispute alleging failure to supervise, suitability, churning, and unauthorized trading, as reported on his Brokercheck report. The customer was seeking $175,980 for the alleged damages, and they received a settlement to the tune of $90,000 in November 1994.
Another customer filed a dispute in January 1990 on allegations of churning of an account for the purpose of meeting the obligation of a margin account. The customer was seeking 68,871.05 for the alleged damages and they received a settlement of $20,000 in November 1991.
Broker Anthony Tricarico Has Been Registered with FINRA Since 1982
Tricarico’s FINRA Brokercheck page shows he worked for 12 different brokerages since his 37-year career began in 1982.
His more recent employer includes Aegis Capital located in New York, New York. He was employed there from March 2010 until July 2020.
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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Are You Concerned About Your Investments with Anthony Tricarico?
The Rosca Scarlato LLC law firm represents investors who lose money as a result of broker misconduct and investment-related fraud. We are currently investigating conduct related to broker Anthony Tricarico’s allegations of excessive and quantitatively and unsuitable trading.
The firm takes most cases like this on a contingency fee basis and advances the case costs, we only get paid for the fees and costs out of the money we recover for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of investors who fall victim to their unscrupulous broker’s misconduct, violations of sale practices, or other investment-related misconduct.
Anthony Tricarico investors who are concerned about their investment are encouraged to contact attorney Alan Rosca or his colleagues for a free, no-obligation case evaluation and discussion of their options by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.