FINRA reports troubling allegations of misconduct against securities broker Jason Collichio (CRD#: 4727199, Rockville Center, New York). Namely, at least two of Collichio’s clients at Worden Capital Management brought claims to challenge his sales practices. These claims suggest that Collichio failed to comply with his fiduciary responsibilities to his clients. Read on to learn more about the disputes.
Worden Capital Management Clients Suggest Jason Collichio Was Negligent, Misrepresented Investments
Evidently, as many as 11 clients contested Jason Collichio’s sales practices through filing FINRA Arbitration #: 19-01580 on July 1, 2019. First of all, the client’s causes of action include negligence, breach of fiduciary duty, unsuitability, breach of contract, misrepresentation and omissions. Supposedly, Collichio recommended or executed bad stock trades. It appears that Collichio also failed to tell clients essential information about the trades he recommended. It is possible that Collichio also failed to explain the risks, costs, or nature of these investments. Because of this, the eleven clients seek $559,293 in relief, at least $42,358 of which is apparently because of Collichio. Currently, this matter is ongoing.
Worden Capital Settles Client Claim About Churning, Failure To Supervise
BrokerCheck also shows FINRA Arbitration #: 18-01779, filed by a Worden Capital Management client on May 8, 2018. The client’s Statement of Claim contains allegations including breach of fiduciary duty and contract, failure to supervise, churning, and negligence. Apparently, from August 2016 to May 2018, a Worden Capital Management broker churned the client’s accounts, trading mainly to generate commissions. Not only that, but this broker failed to place the client’s interests first and acted negligently with respect to OTC equity trades. In addition, the client suggested that Worden Capital Management’s supervision was deficient or failed altogether. Evidently, on May 14, 2018, Worden Capital Management settled this matter by paying the client $29,999. In fact, it appears that Collichio personally contributed the funds to pay the client.
Did Jason Collichio Cause Your Losses?
Sustained losses from Worden Capital securities broker Jason Collichio? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 suffered losses due to misconduct of brokers and brokerage firms.