| Read Time: 2 minutes |

DID PHILIP JOSEPH SPARACINO CAUSE YOU INVESTMENT LOSSES?

Philip Joseph Sparacino formerly with First Standard Financial Company, LLC Has 2 Customer Complaints for Alleged Broker Misconduct in the Past 2 Years

Who is Philip J. Sparacino Formerly With First Standard Financial Company LLC?

Philip Sparacino (CRD #3243960) who was formerly registered with First Standard Financial Company, LLC and located in Red Bank, New Jersey is a subject of one of our many securities industry sales practice abuse investigations.

Prior to First Standard Financial Company LLC, Philip Sparacinowas associated with 5other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Philip Sparacino also had his share of regulatory problems. In November 2019, he was permanently barred by FINRA from any association with any member firm in the securities industry for failing to produce information and documents requested by FINRA.

The information and documents were to be used in connection with its investigation of allegations that he engaged in unauthorized, excessive, and unsuitable trading in clients’ accounts. The State of New Jersey also revoked his license and fined him $250,000 for the same alleged misconduct.

First Standard Financial Company, LLC Broker Misconduct

In his career, Philip Sparacino has been the subject of 3 customer complaints that we know about, 2 of those complaints were filed in the last 2 years to recover investment losses. 

Two of the complaints were recently denied by his former employer and the customer took no further action so far. There is currently one pending customer complaints filed against Philip Sparacino’s former employer First Standard Financial Company, LLC for investment losses caused by his alleged misconduct.

Allegations Against Philip Sparacino

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:

  • The customer alleged unauthorized trading and excessive commissions.
  • The claimant has alleged that Philip Sparacino engaged and churning made unsuitable investment recommendations and transactions in his account.

Philip Sparacino Red Flags & Your Rights as An Investor

Of course, Philip Sparacino did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags that should put all current and former customers of Philip Sparacino at First Standard Financial Company, LLC alert to review carefully the activity and performance of their accounts and question whether Philip Sparacinohas engaged in any stockbroker misconduct that may have caused them investment losses.

The regulatory actions and a large number of customer complaints at First Standard Financial Company. LLC about Philip Sparacinoalso raises questions about its supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim to Recover Your Investment Losses at First Standard Financial Company, LLC

If you have questions about First Standard Financial Company, LLC and/or Philip Sparacino and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

Author Photo

Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $125 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

Rate this Post

1 Star2 Stars3 Stars4 Stars5 Stars
Loading...