On November 17, 2021, Albert Lewis DeGaetano (Albert L DeGaetano) was fined $7,500.00 and suspended for six months (12/6/2021 – 6/5/2022) by the Financial Industry Regulatory Authority (FINRA).

Without admitting or denying FINRA’s findings, Albert L DeGaetano consented to the sanctions and to the entry of findings that he allegedly executed securities transactions in client accounts without first obtaining their authorization or consent.

FINRA’s findings stated that Albert L DeGaetano executed securities transactions after allegedly speaking with a customer employee who was not an authorized party on the customer’s accounts. According to the FINRA report, the securities transactions that included purchases of ETF bonds had a total principal value of approximately $7.2 million and generated approximately $113,000 in total trading costs.

FINRA stated that Albert L DeGaetano’s member firm reimbursed the client for the trading costs associated with his alleged unauthorized trading. According to FINRA, Albert L DeGaetano allegedly executed securities transactions with a total principal value of approximately $30,721 in three other client accounts.

FINRA’s findings alleged that Albert L DeGaetano made materially inaccurate statements concerning the identity of his firm and his job title. Allegedly, DeGaetano used the online interface of two of his firms’ clearing firm to order business cards identifying DeGaetano as a senior vice president of the clearing firm. According to the FINRA report, DeGaetano was never associated with or employed by the clearing firm and did not hold the title of senior vice president. FINRA alleges DeGaetano used these cards and inaccurately referred to the clearing firm as his employer in calls he made to one of his firms and another individual.

In a recent article from Financial Advisor IQ, in January of 2019, Edward Jones of Brecksville, Ohio, discharged Albert L DeGaetano over alleged concerns that he had “effected transactions and account activity inconsistent with the account’s purpose without speaking with authorized persons,” according to BrokerCheck.  DeGaetano then registered with IFS Securities in Independence, Ohio in March of 2019 but stayed there only until September, when he moved to Cabot Lodge Securities, in Independence, Ohio, according to his BrokerCheck report. Cabot Lodge discharged him approximately two months later over alleged violations of the firm’s policies on communication with the public and its policy on private security transactions, according to BrokerCheck.

According to BrokerCheck, Albert L DeGaetano has been registered in the securities industry for 6 years and listed with 5 firms.  He is currently not listed.

If you’ve experienced losses due to the actions or recommendations from the former Edward Jones and Cabot Lodge Securities of Ohio, broker/financial advisor Albert L DeGaetano, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group works on a contingency fee basis, and represents clients nationwide before FINRA.