Philip Joseph Sparacino Allegedly Engaged in Unauthorized Trading & Churning

Philip Sparacino allegedly engaged in churning and unsuitable trading, according to a pending Customer Dispute filed on Sparacino’s FINRA BrokerCheck Report under review by investor rights attorney Alan Rosca.

The aforementioned dispute was filed on December 3, 2018, FINRA states, and is requesting damages of $90,198.00, FINRA states.

Churning is a practice wherein a broker engages in excessive trading in a client’s account mainly to generate commissions. Churning is an unethical and illegal practice which violates SEC rules and securities laws.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Philip Sparacino’s alleged churning and unsuitable trading. Investors who believe they may have lost money in activity related to Philip Sparacino’s alleged churning and unsuitable trading are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Philip Sparacino Allegedly Engaged in Unauthorized Trades Mis-Information; Damages of $435,000 Requested

Philip Sparacino allegedly engaged in so-called unauthorized trades mis-information, according to a pending Customer Dispute filed on Sparacino’s FINRA BrokerCheck Report under review by investor rights attorney Alan Rosca.

Said dispute was filed on August 14, 2017, and is requesting damages of $435,000.00, FINRA states.

A third pending dispute filed on September 19, 2016 alleges that Sparacino engaged in breach of fiduciary duty, unsuitable investments, and unauthorized trades, and is requesting damages of $38,084.00, FINRA notes. 

Philip Sparacino has seven disclosures in his 11 years in the securities industry with six different firms, according to his FINRA BrokerCheck Report, and he has worked for First Standard Financial Company LLC in Red Bank, New Jersey since July 2, 2014, FINRA notes.

Philip Sparacino also was registered with Alexander Capital, L.P. in Staten Island, New York from June 20, 2012 until June 27, 2014, FINRA states.

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 mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Philip Sparacino’s alleged churning and unsuitable trading. 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 Philip Sparacino’s alleged churning and unsuitable trading may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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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 cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.