- February 8, 2021
- Aegis Capital Corp
Anthony Tricarico (CRD#: 1047416) was an Investment Advisor working for Aegis Capital Corp. He entered the securities industry in 1982. Anthony Tricarico previously worked for Gunnallen Financial, Inc.; The Concord Equity Group, LLC; Fahnestock & Co., Inc.; Josephthal & Co., Inc.; Robb Peck McCooey Clearing Corporation; Oscar Gruss & Son, Inc.; Shamus Group, Inc.; Investors Associates, Inc. (firm expelled by FINRA May 14, 1998); Whale Securities Co., LP; Lehman Brothers, Inc.; and Blinder, Robinson & Co., Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2021, FINRA suspended Anthony Tricarico for six months beginning February 1, 2021, and he incurred a civil/administrative penalty/fine of $5,000.
The FINRA sanction states, “Without admitting or denying the findings, Tricarico consented to the sanctions and to the entry of findings that he engaged in excessive and quantitatively unsuitable trading in the accounts of his member firm’s customers. The findings stated that Tricarico’s trading in the accounts of his firm customers generated high cost-to-equity ratios and turnover rates as well as significant losses and commissions. Because Tricarico recommended the trading in the customers’ accounts and they routinely followed his recommendations, Tricarico exercised de facto control over the customers’ accounts. Collectively, the customers paid $44,733 in commissions and trading costs, and incurred losses of $39,848.”
For a copy of Anthony Tricarico’s FINRA disciplinary action details, click here.
Anthony Tricarico has been the subject of several regulatory sanctions, including the following:
• May 1995 – “TRICARICO APPLIED FOR AGENT REGISTRATION AFTER EXPIRATION OF HIS SUSPENSION FROM NYSE FOR OPENING SECURITIES ACCOUNTS IN THE NAMES OF CUSTOMERS WITHOUT THEIR KNOWLEDGE OR AUTHORIZATION AND UNAUTHORIZED TRANSACTIONS IN THOSE ACCOUNTS. AS A RESULT OF APPLICANT’S PRIOR DISHONEST AND UNETHICAL PRACTICES, HIS REGISTRATION WAS DENIED. (NJSA 49:3 -58 (A) ).” The sanction was initiated by the New Jersey Bureau of Securities. Details of the sanction include the following, “PREVIOUS ORDER MODIFIED PURSUANT TO A CONSENT ORDER. TRICARICO AGREES NOT TO APPLY FOR AGENT REGISTRATION IN NJ UNTIL OCTOBER 1, 1995. AS PART OF APPLICATION, EMPLOYING BD MUST EXECUTE SUPERVISORY AGREEMENT.”
• January 1994 – “CHURNING, UNAUTHORIZED TRADING, FAILURE TO DISCLOSE INFORMATION, BREACH OF FIDUCIARY DUTY.” The complaint was settled for $90,000.00.
• March 1992 – “ANTHONY TRICARICO, ENGAGED IN CONDUCT INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE IN THAT HE OPENED SECURITIES ACCOUNTS FOR ONE OR MORE CUSTOMERS OF HIS MEMBER ORGANIZATION EMPLOYER WITHOUT THE KNOWLEDGE OR AUTHORIZATION OF SUCH CUSTOMERS AND EFFECTED ONE OR MORE UNAUTHORIZED TRADES IN ONE OR MORE CUSTOMER ACCOUNTS OF HIS MEMBER ORGANIZATION EMPLOYER.” The sanction was initiated by the New York Stock Exchange and a censure and suspension were imposed.
• January 1990 – “ACCOUNT WAS CHURNED FOR THE PURPOSE OF MEETING THE OBLIGATION OF MY MARGIN ACCOUNT.” The complaint was settled for $20,000.00.
For a copy of Anthony Tricarico’s FINRA BrokerCheck, click here.
Unauthorized trading is strictly prohibited by FINRA rules. Before a transaction can be entered in a customer account, the Financial Advisor must first obtain verbal or written authorization from the client. In the absence of authorization, the transaction is subject to rescission by the customer.
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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