Securities Broker Anthony Tricarico (Aegis) Involved In Investor Dispute, Sanctioned By FINRA

Soreide Law Group is reviewing potential investor disputes relating to securities broker Anthony Tricarico (CRD#: 1047416, New York, New York). Tricarico worked for Aegis Capital Corp from March 2010 to July 2020. According to Financial Industry Regulatory Authority (FINRA) BrokerCheck, he faces disputes from three or more investors. And earlier this year, FINRA issued sanctions against him because he allegedly made excessive trades in investor accounts. Here’s more.

Aegis Capital Corp Investor Alleges Anthony Tricarico Made Unsuitable Investment Transactions

Evidently, a client of Aegis Capital Corp came forward with a dispute about Anthony Tricarico. Namely, the client alleges in this February 2021 FINRA Arbitration Claim that Tricarico sold unsuitable investments. Basically, suitability concerns an investor’s risk tolerance, investment objectives, and other criteria that relates to the appropriateness of investments. In this situation, the client contends that Tricarico’s transactions resulted in damages. For this reason, the client asks for compensation in this ongoing matter.

FINRA Sanctions Anthony Tricarico For Excessive Trading

In January 2021, Anthony Tricarico agreed to a 6-month suspension and payment of a $5,000 fine to resolve FINRA’s allegations that he made unsuitable trades. Specifically, the regulator says that Tricarico caused clients’ accounts to incur high cost-to-equity ratios and turnover rates. Moreover, the securities broker supposedly charged high commissions. It appears that Tricarico persuaded clients to go along with his recommendations, but clients lost $39,848 as a result. Evidently, Tricarico served the suspension from February 1, 2021, to July 31, 2021.

Prior Disciplinary Actions Against Anthony Tricarico

Notably, in a prior disciplinary action, State of New Jersey Bureau of Securities sanctioned Anthony Tricarico for purportedly opening a client’s account without their knowledge or consent. It appears that NYSE also suspended Tricarico for allegedly opening accounts without authorization and making unauthorized trading.

Prior Client Disputes

It appears that a Lehman Brothers client contested Anthony Tricarico’s sales practices. The dispute contains allegations of unauthorized trading, churning, failure to disclose investment information, and breach of fiduciary duty. Evidently, the client received $90,000 in compensation to resolve that matter. In addition, BrokerCheck shows that a prior investor dispute involved churning allegations. It seems that the client received $20,000 to resolve this.