Joseph Derrico— Alleged Excessive Trading & Unsuitability

Joseph Louis Derrico Allegedly Engaged in Unsuitable Recommendations, Over-Concentration, Excessive Trading & Damages of $76K are being Requested

Joseph Derrico is the subject of a pending customer complaint filed on October 10, 2018 alleging unsuitable recommendations, over-concentration, excessive trading and unsuitability and requesting $76,039.55 in damages, according to FINRA Reports under review by investor rights attorney Alan Rosca.

Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Joseph Derrico’s unsuitable excessive trading and unsuitability. Investors who believe they may have lost money in activity related to Joseph Derrico’s unsuitable excessive trading and unsuitability are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Joseph Derrico Being Investigated by Montana Commissioner of Securities & Insurance for Alleged Unauthorized Trading

Joseph Derrico is also being investigated by the Montana Commissioner of Securities and Insurance for alleged unauthorized trading, excessive trading, using discretion without written discretionary authority, and alleged fraud, FINRA notes.

Another pending customer dispute filed on January 26, 2017 alleges unauthorized trading and is requesting $63,000 in damages, FINRA states.

Joseph Derrico has worked for 14 years in the securities industry for 8 different firms, and has been registered with Woodstock Financial Group, Inc in Staten Island, New York since July 15, 2015, FINRA reports. Derrico was also registered with Alexander Capital, L.P. in Staten Island, New York from October 29, 2014 until July 16, 2015, FINRA notes.

Brokerage firms such as Woodstock Financial have a responsibility to adequately supervise all of their registered representatives who are employed through their firm, to prevent violations of securities rules and regulations. Brokerage firms also must initiate action to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. If and when brokerage firms fail to adequately supervise their registered representatives, they may be held liable for investment losses sustained by customers.

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.

Securities Lawyer 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 Joseph Derrico’s unsuitable excessive trading and unsuitability. 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. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has 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 Joseph Derrico’s unsuitable excessive trading and unsuitability may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.

DISCLAIMER

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

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