Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
FIRST STANDARD FINANCIAL COMPANY, LLC (“FIRST STANDARD”), and their registered representative,
JOSEPH JOHN ORLANDO, JR. (“ORLANDO”), CRD# 2882204
The Claimant, a resident of Massachusetts, allegedly received a cold call on or about October of 2018, from FIRST STANDARD broker, JOSEPH ORLANDO. Allegedly, ORLANDO initially discussed large blue chip companies and building a conservative portfolio for the Claimant. The lawsuit alleges that the Claimant explained he did not have a lot of money to invest and couldn’t afford to gamble with his money. Allegedly, after sending in $32,726 over a 4 week period, ORLANDO began to buy high risk stocks in large concentrations on margin. The Claimant alleges he was reliant upon his broker’s advice and is not a sophisticated investor who maintains a total net worth inclusive of his home of less than $200,000. FIRST STANDARD broker ORLANDO allegedly lost the majority of the money for the Claimant within the first few weeks and did not seek permission before placing a trade.
The lawsuit alleges that JOSEPH ORLANDO told the Claimant they would never charge more than $100 a trade. Allegedly, multiple single trades were billed to the Claimant at $1,000, $750 and several around $500. In just 6 short weeks of alleged commission driven trading, the Claimant lost 100% of the money he invested with ORLANDO.
The lawsuit alleges that the Respondents actions have caused the Claimant damages of approximately $33,000.00.
The lawsuit alleges: negligence, fraud, breach of fiduciary duty, and negligent supervision.
If you’ve also experienced financial losses due to the actions or recommendations of First Standard Financial Company and/or Joseph Orlando of Worcester, Massachusetts, contact at no cost an experienced securities lawyer at Soreide Law Group regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationally before FINRA on a contingency fee basis.
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