Joseph Ambrosole (also known as Joseph Albert Ambrosole) has been reportedly sanctioned FINRA and NH Securities Department on allegations of unauthorized trading and failure to timely provide information requested by FINRA, among other things, according to Ambrosole’s Brokercheck Report under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca and his colleagues at Rosca Scarlato LLC law firm are investigating conduct related to the allegations brought against Joseph Ambrosole by the FINRA and NH Securities Department regulators.
Investors who are concerned they may have suffered a loss with Joseph Ambrosole may contact attorney Alan Rosca for a free case evaluation and discussion of potential options, or to provide any useful information. Interested Ambrosole investors may call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
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Joseph Ambrosole Suspended, Fined, and Ordered to Pay Restitution by FINRA
Attorney Alan Rosca’s investigation of Joseph Ambrosole uncovered his alleged suspension from FINRA on allegations of engaging in quantitative unsuitable trading in two customer accounts, as reported in FINRA’s Letter of Acceptance, Waiver and Consent (AWC).
The AWC further alleges Ambrosole recommended and executed 157 trades in one customer’s account with an average monthly equity of approximately $300,000. As a result, the customer allegedly paid over $126,000 in commissions and other trading costs.
Joseph Albert Ambrosole allegedly recommended and executed 40 trades in an account of another customer between July 2019 and June 2020. The customer allegedly had an average monthly equity of approximately $70,000 and the customer paid more than $20,400 in commissions and other trading costs, as alleged in the AWC.
As a result of Ambrosole’s alleged excessive and suitable securities transaction, and without admitting or denying the findings, Joseph Ambrosole consented to FINRA’s sanction consisting of a six-month suspension until November 2, 2021, a $5,000 fine, and a restitution of $147, 031.
New Hampshire Bureau of Securities Regulation Has Reportedly Ordered Joseph Ambrosole to Cease and Desist
In March 2021, the New Hampshire Bureau of Securities Regulation issued a Consent Order according to which the regulators accepted an offer of settlement submitted by Joseph Ambrosole and his employer Joseph Stone Capital in a matter reportedly initiated on allegations of engaging in heavy unsuitable trading which allegedly resulted in high commissions for Ambrosole and losses to his elderly and ill client of at least $175,000, the Order states.
As a result of his alleged misconduct, Joseph Ambrosole and Joseph Stone Capital were ordered to cease and desist, in addition to paying a combined fine of $130,000 and paying restitution of $175,000.
In connection to the above mentioned regulatory actions, the Maryland Securities Commissioner issued an order of summary suspension while the Commission is looking into whether an order preventing the broker from engaging in the activities of an agent in the state should be issued.
Joseph Ambrosole Sanctioned by FINRA in 2016 and 2017
FINRA reportedly sanctioned Ambrosole in 2017 on allegations of executing five unauthorized trades in a customer’s account, resulting in $645.97 in losses in the customer’s account, according to his FINRA Brokercheck page. Without admitting or denying FINRA’s allegations, Joseph Albert Ambrosole consented to a one month suspension, a $5,000 fine, and to paying restitution of $645.97.
In addition, Joseph Ambrosole was reportedly sanctioned in 2016 by FINRA on allegations of failure to respond to FINRA for requested information. As a result, he was suspended from associating with any FINRA member firm in any capacity for two months, as reported on his Brokercheck page.
Over $50,000 Paid in Combined Settlements to Ambrosole Investors in 2019
According to his FINRA Brokercheck page, a customer filed a dispute involving Ambrosole in August 2018 alleging common law fraud, breach of fiduciary duty, negligence, and breach of contract. The customer sought to recover $100,000 and reportedly agreed to a settlement to the tune of $10,0000 in May 2019.
Previously, in March 2019, another customer received a settlement of $54,900 after a dispute was filed on the allegations of churning, unsuitability and overconcentration, as reported on his Brokercheck page.
In July 2021 a customer filed a dispute alleging unsuitable trading in connection with which the customer is seeking to recover $853,231.33.
Joseph Ambrosole Has Been Registered with FINRA Since 2011
Ambrosole is currently registered with Joseph Stone Capital located in New York, New York according to his Brokercheck page. He has been registered with the firm since November 2017. He was previously registered with Alexander Capital and Meyers Associates in New York, New York.
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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Concerned About Your Investment with Joseph Ambrosole? Investor Rights Attorneys May Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to the allegations of unauthorized trading, among others, reported in two sanctions against Joseph Ambrosole.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Investors concerned they lost money with Joseph Ambrosole may to contact attorney Alan Rosca for a free case evaluation, toll free at 888-998-0530, via email at arosca@rscounsel.law, or by completing the contact form on this webpage.