Montana Securities Regulator Initiated An Investigation Into Woodstock Financial Group Broker, Joseph Derrico, For Excessive And Unauthorized Trading
The Wolper Law Firm is currently investigating claims against Joseph Derrico, a Financial Advisor at Woodstock Financial Group in Staten Island, NY. Joseph Derrico has been in the securities industry since 2004 and previously worked at Alexander Capital.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2017, the State of Montana commenced an investigation in the sales practices of Joseph Derrico and alleged that he engaged in “excessive” and “unauthorized” trading:
This is not Joseph Derrico’s first infraction. In 2017, a customer filed a complaint against him for unauthorized trading. The same allegation was made by a second customer in 2008 and the matter was settled by the brokerage firm for $58,000.
Notably, in 2002, Joseph Derrico pled guilty to weapons and assault charges.
To review a full copy of Joseph Derrico’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/4852293#disclosuresSection
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.
If you or someone you know was a customer of Joseph Derrico and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org 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.
- FINRA Accepts Settlement Offer From Cabot Lodge Securities After Alleged Violations of Supervisory and Suitability Rules
- Independent Financial Group Censured and Fined After Rule Violations on Suitability and Supervision Involving Non-Traded REITs
- FINRA Filed An Enforcement Action Against Former IFS Securities Broker Steven Schisler For Allegedly Selling Away
- Cetera Advisors Financial Advisor Patricia Gleason Has Pending Customer Complaint, Alleging Unsuitable Investment Recommendations
- Complaint Pending Against Crown Capital Securities Broker/Advisor John Nguyen for Allegedly Making Unsuitable Recommendations
- Wells Fargo Broker/Advisor Jason Jaynes Has Two Customer Complaints Alleging Unsuitable Investment Recommendations
- Customer Complaint Pending Against Former Sagepoint Financial And Union Capital Company Broker Daniel Dillard Alleging Unsuitable Recommendations
- Investment Loss Recovery Options For Investors In The 1INMM Capital, LLC Ponzi Scheme Perpetrated By Actor Zachary Horwitz a/k/a Zachary Avery
- J.W. Cole Financial, Inc. Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Cambridge Investment Research, Inc., Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund