FINRA Sanctions James Pecoraro

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker James Pecoraro AKA James Robert Pecoraro [CRD#: 2440231, Garden City, NY]. However, Pecoraro denies the allegations. Read on to learn more about the allegations against Pecoraro.

FINRA Sanctions SW Financial Securities Broker James Pecoraro For Unsuitable Trading

Evidently, on August 4, 2022, FINRA issued Case #: 2017056820701 sanctioning James Pecoraro for infractions. Specifically, FINRA imposed a nine-month suspension and a $10,000 fine. Notably, FINRA alleged that Pecoraro made unsuitable transactions.

FINRA Sanctions J.P. Turner Company Securities Broker For Excessive Trading

Also, on August 30, 2010, FINRA issued Case #: 2017056820701 sanctioning James Pecoraro for infractions. Specifically, FINRA imposed a one-month suspension and a $10,000 fine. Notably, FINRA alleged that Pecoraro made excessive transactions.

Supposedly, while he was associated with SW Financial, Pecoraro excessively traded three client accounts from October 2016 through May 2019. FINRA began its investigation into Pecoraro after receiving a regulatory tip. In the course of FINRA’s investigation, it was discovered that Pecoraro recommended high-velocity and high-cost trading in three client accounts.

Specifically, Pecoraro routinely placed stop-loss orders that caused the liquidation of securities positions. In one of the client's accounts, from October 2016 to May 2019, Pecoraro executed 109 trades resulting in an annualized cost-to-equity ratio of 57.58% and an annualized turnover rate of 13.47. The trades that Pecoraro recommended for this client generated $35,370.00 in commissions, $41,432.00 in trading costs, and resulted in $31,007 in realized losses.

In another client's account, from January 2017 to February 2018, Pecoraro executed 69 trades, causing an annualized cost-to-equity ratio of 175.19% and an annualized turnover rate of 46.64. The trades that Pecoraro recommended for this client resulted in the client having to pay $33,516.00 in commissions, $37,433 in trading costs, and caused the client to realize losses in the amount of $27,850. Pecoraro violated FINRA Rules 2010 and 2111 as a result.

Recent Employer Information

James Pecoraro worked for SW Financial in Melville, NY, as a securities broker from September 14, 2016 to December 2, 2019. Pecoraro has been employed by Spartan Capital Securities in Garden City, NY, as a securities broker since November 1, 2019. 

Damages Resulting From SW Financial Securities Broker James Pecoraro?

Have you sustained damages because of securities broker James Pecoraro? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for investors in all 50 states, represents clients on a contingency fee basis and advances all costs. Pecoraro and brokerage firms Pecoraro was employed by deny any and all allegations of sales practice violations.