Soreide Law Group obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions, September 2016.”
David C. Cannata (CRD #2408845, Smithtown, New York)
was barred by FINRA and ordered to pay $1,566,298.14, plus interest, in restitution to clients. The sanctions were based on findings that Cannata allegedly made unsuitable recommendations and excessively traded in clients’ accounts at his member firm.
FINRA’s findings stated that Cannata had de facto control over the client accounts and made all investment decisions. Cannata’s trading strategy in each client’s account generated high levels of activity inconsistent with the clients’ objectives and financial circumstances.
The clients sustained losses ranging from $114,171 to $1,263,527 allegedly as a result of Cannata’s trading strategy.
FINRA’s findings also stated that Cannata churned his clients’ accounts. Cannata knowingly or recklessly disregarded his clients’ interests by seeking to maximize his own compensation.
FINRA’s findings also included that Cannata failed to appear and provide FINRA with sworn testimony in connection with FINRA’s investigation into his trading in the client accounts.
(FINRA Case #2013037857001)
David C. Cannata was registered in the securities industry for 11 years. FINRA has permanently barred David C. Cannata from acting as a broker or otherwise associating with firms that sell securities to the public. Some of the firms he was with are listed below:
02/2012 - 09/2014 CRAIG SCOTT CAPITAL, LLC - UNIONDALE, NY
05/2010 - 02/2012 BROOKSTONE SECURITIES, INC. - UNIONDALE, NY
FINRA expelled the firm in 10/2012
04/2009 - 05/2010 JHS CAPITAL ADVISORS, INC. - BETHPAGE, NY
Soreide Law Group represents clients nationwide before FINRA and operates on contingency. If you were a client of David C. Cannata formerly of Craig Scott Capital of Uniondale, NY, and you experienced losses due to his actions or recommendations, call and speak to a lawyer at no cost regarding the possibility of recovering your losses at: 888-760-6552.
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