Former Arive Capital Markets Broker, John J. Santariello, Has Seven Customer Complaints, Alleging Various Sales Practice Violations
John J. Santariello (CRD # 5746158) was a Financial Advisor at Arive Capital Markets in Coram, NY. John Santariello has been in the securities industry since 2010 and previously worked at Cape Securities, Inc., Joseph Gunnar & Co. LLC, Wilmington Capital Securities, LLC, National Securities Corporation and K.C. Ward Financial.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), John Santariello has been the subject of seven customer complaints, including the following:
- August 2019 – “Churning, Excessive Trading, Unsuitability.” Alleged damages are $307,042, and the matter is currently pending.
- November 2014 – “ACCOUNT LOSSES COVERING PERIOD 2012 THROUGH MAY 2014, DUE TO UNSUITABLE EXCESSIVE TRADING OF HIGH-RISK SPECULATIVE STOCKS.” The matter settled for $30,000.
For a copy of John Santariello’s CRD, click https://brokercheck.finra.org/individual/summary/5746158.
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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