- July 9, 2018
- Broker Discipline
- Excessive Trading/Churning
- First Standard Financial Company
- Unauthorized Trading
The Wolper Law Firm is currently investigating claims against Rocco Roveccio, a Financial Advisor at First Standard Financial Co. in Staten Island, New York. Rocco Roveccio first entered the securities industry in the 1990s and previously worked for Brookstone Securities, Mercer Capital and Gunnallen Financial.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 29, 2018, a customer of Rocco Roveccio filed a complaint, alleging that “unauthorized trading and unsuitable investments.” Alleged damages are $1.5 million and the matter remains pending.
Rocco Roveccio has a history of customer complaints, judgement/liens and a regulatory investigation:
- January 2018—Client alleges “churning-unauthorized trading.” Alleged damages are $115,995 and the matter remains pending.
- June 2013—Client alleges “ unauthorized trading, breach of fiduciary duty, unsuitability.” The matter was settled for $87,500.
- December 2000—Client alleges “unauthorized trading, suitability, breach of fiduciary duty, churning.” The matter was settled for $216,275.
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.
In addition, unauthorized trading is a serious allegation based upon a belief that the customer did not approve the purchase or sale of a security prior to execution of the trade. Financial Advisors who engage in unauthorized trading often do so to increase commissions earned from their clients’ accounts.
If you or someone you know was a customer of Rocco Roveccio, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. His industry insight, experience and knowledge gives his clients a competitive advantage.