Financial Advisor Simone Garofalo Suspended by FINRA

• November 8, 2024
• Cambridge Investment Research

Simone Alfredo Giuseppe Garofalo (CRD#: 7025823) was a previously registered broker.

Broker’s History

He entered the securities industry in 2018 and previously worked with Cambridge International Securities, LLC.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September of 2024, without admitting or denying the findings, Garofalo consented to the sanctions and to the entry of findings that while registered with FINRA as a foreign associate, he engaged in securities activities with and for persons in the United States without the required registration to do so. The findings stated that Garofalo used email and phone communications to discuss securities transactions and exchange related paperwork with investors and broker-dealers located in the United States. Garofalo through his member firm earned a commission by facilitating a private secondary securities transaction between two investors located in the United States. Garofalo helped to introduce and exchange documents and information between the investors, through two other broker-dealers also located in the United States. In addition, Garofalo introduced a seller of certain private company shares to an investor, and exchanged documents and information between them, through other broker-dealers. All of the parties except Garofalo were located in the United States. Eventually, one investor wired $2.5 million to buy the shares before learning, through a different firm, that the seller did not own the shares. The investor’s funds were returned. As a result, Respondent also consented to the imposition of the following sanctions: a two-month suspension from associating with any FINRA member in all capacities and a $5,000 deferred fine.

For a copy of the FINRA Disciplinary Action Details, click here.

For a copy of Simone Garofalo’s FINRA BrokerCheck, click here.

 

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