Albert Foronda Discloses Allegations Of Excessive Trading

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Albert Foronda AKA Albert Foronda [CRD#: 5737620, New York, NY]. Evidently, investors disputed the sales practices of the securities broker, who worked for Worden Capital Management. Additionally, the securities broker discloses a regulatory enforcement action. However, Foronda denies the allegations of sales practice violations. Read on to learn more about the allegations against Foronda.

Worden Capital Management Investor Accuses Albert Foronda Of Excessive Trading

Evidently, a client of Worden Capital Management contested Albert Foronda’s sales practices by filing FINRA Arbitration #: 22-00347 on March 16, 2022. Allegedly, Foronda made unsuitable and excessive transactions, and failed to supervise. Supposedly, the investments which Foronda sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from Worden Capital Management or Foronda in the amount of $49,016 in this ongoing matter.

Foronda Discloses Churning Allegations By Spartan Capital Management Client

Also, a client of Spartan Capital Management contested Albert Foronda’s sales practices by filing FINRA Arbitration #: 21-02950 on December 10, 2021. Allegedly, Foronda churned the client’s account, made unsuitable transactions, breached a fiduciary duty, made misrepresentations, made unauthorized transactions, and failed to supervise. Supposedly, the equities and private placements which Foronda sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from Spartan Capital Management or Foronda in the amount of $36,836.24 in this ongoing matter.

Spartan Capital Securities Investor Accuses Albert Foronda Of Unsuitable Trading

Additionally, a Spartan Capital Securities client filed FINRA Arbitration #: 19-01160 about Albert Foronda. Notably, the client alleged that Foronda made unsuitable and excessive transactions and was negligent. Because of this, the client sustained damages on equities and options. Therefore, on September 1, 2020, Spartan Capital Securities settled this matter by paying the client $385,000.

FINRA Sanctions Foronda

Supposedly, from June 2017 through August 2017, Foronda executed eight unapproved transactions in two client accounts. He did not obtain the clients’ written or verbal permission to make at Worden Capital Management LLC. Additionally, from March 2017 through August 2017, while Foronda was associated with Worden, and in December 2017, while he was associated with Spartan Capital Securities LLC, Foronda executed transactions in the accounts of two clients. Supposedly, exercised discretion without written permission from the clients. Not only that, but he apparently did not have the member firms' approvals to treat those accounts as discretionary accounts.

Specifically, while at Worden, Foronda executed four trades in a client’s account without authorization. Foronda sold one of the securities owned by the client and used the proceeds to buy shares in another security without informing the client. The security was then sold at a loss, all without the client's authorization. On December 11, 2017, while Foronda was registered with Spartan, Foronda used discretion while executing the sale of a security in a client's account. Foronda then sold the security when it increased in price. Foronda did not have permission from the client, nor did Spartan accept the account as discretionary. As a result, Foronda violated FINRA Rule 2010 and NASD Rule 2510(b).

Foronda Discloses Breach Of Fiduciary Duty Allegations By Legend Securities and Worden Capital Management Client

Evidently, a client of Legend Securities and Worden Capital Management contested Albert Foronda’s sales practices by filing FINRA Arbitration #: 18-01479. Allegedly, Foronda breached a fiduciary duty, violated FINRA rules, breached a contract, and was negligent. Supposedly, the over-the-counter equities and stocks which Foronda sold or recommended had caused the client to sustain damages. Therefore, Legend Securities and Worden Capital Management opted to settle the matter on April 30, 2018.

Worden Capital Management Investor Accuses Albert Foronda Of Unauthorized Transactions

Also, a Worden Capital Management client filed a complaint about Albert Foronda. Namely, the client alleged that Foronda made unauthorized transactions. Because of this, the client sustained damages on stocks. Therefore, on July 28, 2017, Worden Capital Management settled this matter by paying the client $14,000.

Did Worden Capital Management Securities Broker Foronda Cause You To Experience

Have you suffered damages because of securities broker Albert Foronda? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Foronda and brokerage firms Foronda was employed by deny any and all allegations of sales practice violations.