Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming issues concerning Cantone Research CEO Anthony Cantone [CRD#: 1066139, Eatontown, New Jersey]. Not only has FINRA suspended the securities broker for committing securities fraud, but 5 clients brought disputes against him. Mainly, these disclosures suggest that Cantone deceived investors, sold bad investments and was responsible for causing their losses. Here’s more:
FINRA Suspends Anthony Cantone For Fraud
Notably, FINRA issued a one-year suspension and $100,000.00 fine to Anthony Cantone on January 16, 2019. FINRA stated that Cantone willfully violated Securities Exchange Act and FINRA Rules by making fraudulent misrepresentations and by fraudulently concealing information from investors who bought $8,000,000 in certificates of participation (“COPs”) in private placement offerings. Mainly, FINRA stated that Cantone concealed changes in the interest rates and the fees that were assessed against a developer who was an important party to the investors’ transactions. It appears that Cantone knew that the developer made a series of financial missteps including defaulting on payments; however, Cantone kept this from investors. It appears that these investments defaulted causing more than $6,000,000.00 in losses. Evidently, Cantone earned at least $1,000,000.00 from those investors.
New Jersey Bureau of Securities Sanctions Cantone
Also, New Jersey Bureau of Securities issued a Consent Order on June 13, 2017 sanctioning Anthony Cantone. Apparently, Cantone violated New Jersey securities laws by offering or selling unregistered securities to New Jersey investors. The COPs are the investments to which the Bureau is referring. Apparently, the Bureau suspended Cantone from November 20, 2015 to June 13, 2017.
Anthony Cantone Allegedly Sold Bad Investments To Client
Evidently, on January 28, 2019, a Cantone Research client filed a complaint about Anthony Cantone. Mainly, the client alleged that Cantone placed the client in a certificate of participation in a third party promissory note which defaulted. Because of this, the client sustained losses. Therefore, on February 14, 2019, Cantone Research settled this matter by paying the client $42,500.
Cantone Research Client Indicates That Anthony Cantone Converted Funds
Moreover, a client of Cantone Research contested Anthony Cantone’s actions by filing FINRA Arbitration #: 10-02349. Allegedly, Cantone failed to comply with his fiduciary responsibility to the client. Supposedly, the broker was also negligent and had converted the client’s funds. For this reason, Cantone Research figured to settle the client’s allegations through a payment of $800,000 to the client.
Did Cantone Research Securities Broker Anthony Cantone Sell You Bad Investments?
Have you experienced losses by investing in certificates of participation (COPs) through broker Anthony Cantone? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Cantone and his brokerage firms.