INVESTOR WARNING—Erik Pica Subject To Multiple Customer Complaints For Sales Practice Violations

• August 2, 2018
• Joseph Stone Capital

The Wolper Law Firm is currently investigating claims against Erick Pica, a Financial Advisor at Joseph Stone Capital, LLC in New York, NY.  Erik Pica has been in the securities industry since 2004 and previously worked for three brokerage firms that have been expelled by the Financial Industry Regulatory Authority.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Erik Pica has seven (7) customer complaints, including four (4) pending complaints, alleging sales practice violations.  This is an exceedingly high number of customer complaints for a Financial Advisor.  Among the customer complaints include:

• May 2018—Customer alleges “unauthorized trade of 6000 shares of Rite Aid Corp and…Valeant Pharmaceuticals.” The matter remains pending.
• May 2018—Customer alleges “negligent supervision, over-concentration, suitability.” Alleged damages are $293,000 and the matter remains pending.
• March 2018—Customer alleges “unsuitable securities, highly speculative, commissions, retirement funds, churning, negligent supervision.” Alleged damages are $500,000 and the matter remains pending.
• July 2017—Customer alleges “breach of fiduciary duty…negligent misrepresentation.” Alleged damages are $120,000.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  In addition, Financial Advisors must first obtain authorization from their customers before placing trades in a customer account. 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.

If you or someone you know was a customer of Erik Pica, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 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 lawyer 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.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.