Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming allegations of improprieties by Joseph Stone Capital securities broker Erik Pica [CRD#: 4829533, New York, New York]. Namely, FINRA filed a complaint against Pica alleging his conversion of client funds. In addition, 7 clients brought disputes about his trading practices. Overall, these disclosures suggest that Pica lied to FINRA and caused clients’ losses through his unauthorized and unsuitable trading. Check out these recent disclosures regarding Pica to learn more:
Evidently, Erik Pica worked for Joseph Stone between April 17, 2015 and November 6, 2019. Apparently, Joseph Stone disaffiliated with Pica citing FINRA’s Complaint alleging his failure to comply with an investigation and his alleged conversion of client funds.
Notably, FINRA filed a Complaint on October 25, 2019 seeking to bar Erik Pica because he “converted and misused $200,000 from an elderly customer” thereby violating Rule 2010. Allegedly, Pica made a client write a $200,000 check to the securities broker’s company to invest through Joseph Stone. Supposedly, Pica then deposited the check in his personal bank account. FINRA contended that Pica lied to the client about where the money had gone. Later, Pica lied to the client again by claiming that he did not cash the client’s check.
Next, Pica reportedly lied to Joseph Stone about the client’s situation, mainly denying that he took the client’s money. The Complaint alleges that Pica subsequently gave false if not misleading information to FINRA about his admissions to his boss particularly about his use of the client’s funds and his visit to his branch office during FINRA’s examination. Apparently, this matter is unresolved.
Notably, on May 10, 2018, a Joseph Stone Capital client filed FINRA Arbitration #: 18-01506 concerning Erik Pica. Apparently, the client asserted that Pica traded without authorization. For this reason, the client experienced losses on OTC equities. As a result, the client asked for $7,613.65 in compensation from Joseph Stone Capital or Pica. Apparently, this arbitration is pending a resolution.
Evidently, a client of Global Arena Capital Corp. contested Erik Pica’s actions by filing FINRA Arbitration #: 18-01555 on May 1, 2018. Allegedly, the securities firm negligently supervised Pica’s recommendations or trades. It appears that the securities broker allocated too much of the client’s account in risky alternative investments and exchange traded funds. It seems that Pica’s trades were not consistent with the client's goals, risk tolerance or investment profile. For this reason, the client made a claim for compensatory damages from Global Arena Capital Corp. or Pica in the amount of $293,000 in this ongoing matter.
Apparently, a client of Joseph Stone contested Erik Pica through a complaint on March 21, 2018. Allegedly, the securities broker churned the client’s investment account. It seems that Pica mainly traded to generate commissions and that he overcharged the client too. Allegedly, Pica subjected the client to an unreasonably high risk through his speculative trading and caused the client to sustain losses. Because of this, the client demanded compensation from Joseph Stone or Pica in the amount of $500,000 in this ongoing matter.
Have you experienced losses by investing with Erik Pica? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Pica.
Pending customer claims on BrokerCheck name Michael Graham (CRD 3263494) and list LPL Financial as the firm. Each claim is pending and unproven, and no arbitrator has ruled on any of them. The customers allege that Graham misrepresented guaranteed principal and returns on a secured loan related to a real estate deal.
An SEC decision involving Titan Securities (CRD 131392) of Plano, Texas became final on August 7, 2026, according to FINRA's October 2026 Disciplinary and Other FINRA Actions report. The decision fined the firm $50,000. The record lists the firm as JTA Securities Management, Inc. dba Titan Securities.
Every settled customer dispute on Peter Maller's BrokerCheck report names Lincoln Financial as the firm. Maller holds CRD number 2322403. The newest dispute, filed on March 5, 2024, settled on August 15, 2024 for $12,500 against alleged damages of $50,000. The claimants alleged that the representative represented an oil and gas investment as safe.
Phone:
Fax: 1-954-760-6553
Email: [email protected]