Spartan Capital Securities Broker, Albert Foronda, Sanctioned By FINRA For Allegedly Effecting Unauthorized Transactions In Customer Accounts
Albert Foronda (CRD # 5737620) is a Financial Advisor at Spartan Capital Securities, LLC in New York, NY. Albert Foronda has been in the securities industry since since 2010, and previously worked at Worden Capital Management LLC, Legend Securities, Inc. and National Securities Corporation.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 17, 2020, FINRA sanctioned Albert Foronda, suspending him from the industry for 45 days, and ordering him to pay $7,500 in fines and $2,765 in restitution. According to the FINRA sanction, “From June 2017 through August 2017, while associated through Worden, and in December 2017, while associated through Spartan, Foronda effected transactions in accounts of two customers using discretion without written authorization from the customers and without the member firms accepting the accounts as discretionary, in violation of NASD Rule 2510(b) and FINRA Rule 2010.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017055395801%20Albert%20Foronda%20CRD%205737620%20AWC%20va.pdf.
In addition to the foreging regulatory disclosures, Albert Foronda has three disclosed customer complaints on his CRD, alleging the following:
• May 2019 – “Allegations of unsuitability, excessive trading, negligence.” Alleged damages are $650,000, and the matter is currently pending.
• April 2018 – “Breach of Fiduciary Duty, breach of contract, negligence.” Alleged damages are $90,000, and the matter is currently pending.
• July 2017 – “Customer alleged that a transaction made in his account wasn’t authorized.” The matter settled for $14,000.
For a copy of Albert Foronda’s CRD, click https://brokercheck.finra.org/individual/summary/5737620#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.
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