Financial Advisor, Albert Foronda, Receives A Wells Notice From FINRA, Recommending Disciplinary Action
Albert Foronda (CRD # 5737620) was a former Financial Advisor at Worden Capital Management in New York, NY. Since 2017, Albert Foronda has worked at Spartan Capital Securities. Albert Foronda has been in the securities industry since 2010.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 8, 2019, FINRA issued a Wells Notice, making a preliminary determination to recommend disciplinary action against Albert Foronda for allegedly violating “FINRA Rule 2010 for unauthorized transactions and violation of NASD Rule 2510(b) and FINRA Rule 2010 for exercising discretion without written authorization.” This regulatory investigation remains pending.
In addition, Albert Foronda has two pending customer complaints and one settled customer complaint reflected on his permanent record. The customer complaints allege the following:
• May 2019—Customer alleges “unsuitability, excessive trading, negligence.” The alleged damages are $650,000 and the matter remains pending.
• April 2018—Customer alleges “breach of fiduciary duty, breach of contract, negligence.” The alleged damages are $90,000 and the matter remains pending.
• July 2017—“Customer alleged that a transaction made in his account wasn’t authorized.” The matter was settled for $14,000.
For a copy of Albert Foronda’s CRD, click https://brokercheck.finra.org/individual/summary/5737620#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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