Adam Maggio Discloses FINRA Sanctions, Client Disputes

Sanctions, Investor Disputes Reported On BrokerCheck Record Of Adam Maggio

Soreide Law Group is examining investor complaints concerning securities broker Adam Maggio (CRD#: 4177365, Mineola, New York). It appears that disclosures concern JP Turner Company (his employer from 2005 to 2008). They also concern Joseph Stone Capital (his employer since 2013). Here is an overview of the disclosures. But be mindful that the broker denies the allegations.

Joseph Stone Capital LLC Client Alleges Unsuitable Stocks, According To Arbitration Claim About Adam Maggio

Notably, in January 2022, a client of Joseph Stone Capital LLC complained about Adam Maggio’s sales practices. Alleged sales practice violations include negligence, excessive trading, failure to supervise, breach of contract, breach of fiduciary duty, misrepresentation, and omissions. Consequently, the client alleges that Maggio’s actions led to damages concerning equities (common stocks, preferred stocks). For this reason, to resolve this ongoing investment dispute, the client asks for $2,087,663 damages from the securities firm.

FINRA Issues Suspension, Fine To Maggio For Failure To Supervise At Joseph Stone Capital LLC

Also, the regulator sanctioned Adam Maggio in December 2021. Notably, it imposed a fine of $5,000 and a suspension (as principal) of 5 months (January 2022 to June 2022). Mainly, FINRA makes allegations of Maggio violating FINRA supervision rules. Supposedly, he did not reasonably supervise client accounts for excessive trading by securities brokers.
For example, the regulator says that Maggio did not properly review exception reports that flagged Joseph Stone Capital LLC accounts with high commission/equity ratios. Because of this, FINRA says that excessive trading continued to occur. In some instances, Maggio’s efforts to curb commissions fell flat, as securities brokers were able to get around his restrictions through frequent trading. Evidently, this matter was resolved in December 2021. Maggio served the suspension.

JP Turner Company LLC Client Alleges Excessive Trading

Notably, FINRA BrokerCheck shows that a JP Turner Company LLC client objected to Adam Maggio’s sales practices by bringing a dispute in April 2010. Allegations include unsuitability, excessive trading, negligence, excessive commissions, and breach of fiduciary duty. Supposedly, Maggio or the securities firm caused the client to experience damages by investing in common and preferred stock. Because of the alleged sales practice violations, the firm settled with the client through a payment of $43,750.

Investors Allege Unauthorized Trading By Adam Maggio At JP Turner Company LLC

Notably, a client complained about Adam Maggio’s sales practices at JP Turner Company LLC, according to an investment dispute in BrokerCheck in March 2009. The client’s causes of action against the securities firm include unauthorized trading, unsuitable trading, misrepresentation, and breach of fiduciary duty. Consequently, the client alleges that Maggio’s actions led to damages in connection with the client’s investments in options. It appears that the client received $14,999 in damages from the securities firm in settlement of the investment dispute.

JP Turner Company LLC Client Alleges Damages On Variable Annuity

Specifically, a JP Turner Company LLC client expressed concerns about Adam Maggio’s sales practices, as BrokerCheck shows that the client lodged an investment dispute in 2007. It appears that the securities firm or Maggio caused the client to incur damages because of his failure to follow instructions. Consequently, to resolve the client’s allegations of sales practice violations relating to over-the-counter equities, the client asked JP Turner Company LLC for $131,929. However, this matter closed with no further action by the client.

Did You Sustain Damages By Investing Through Maggio?

Did securities broker Adam Maggio cause you to experience losses? You should touch base with Soreide Law Group at (888) 760-6552 and talk with a skilled securities attorney about a potential recovery of your losses. Soreide Law Group handles investor dispute cases on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for investors who realized losses from their financial advisors or securities brokers. Please note that Maggio denies the allegations of his improper sales practices.