Worden Capital Investors File Disputes About Securities Broker John LoPinto
It appears that investors have come forward in dispute of securities broker John Michael LoPinto (CRD#: 4563735, New York, New York). In total, Financial Industry Regulatory Authority (“FINRA”) reveals that four investors took aim at LoPinto alleging sales practices violations. SEC also sanctioned him. Here’s more about these disclosures.
Worden Capital Management Client Indicates That John LoPinto Made Unsuitable Trades
First of all, from November 2016 to November 2019, John LoPinto worked for securities firm Worden Capital Management. Apparently, a client brought a FINRA Arbitration Claim in January 2021 in regard to LoPinto’s equities trades. Mainly, the client alleges that LoPinto made excessive trades in their account over the 2018-2019 timeframe. Not only that, but LoPinto supposedly misrepresented information in connection with the client’s investment account at Worden Capital Management. For this reason, the client demands $89,887.74 in this ongoing matter.
SEC Orders LoPinto To Cease And Desist, Pay $40,000 Fine
SEC alleged that when John LoPinto was a Keyport Advisors principal, he sold investors Keyport Venture Partners LLC. This pooled investment vehicle was designed for investing in pre-IPO companies. LoPinto and others helped raise $1,500,000. But after the fund’s inception, he misrepresented that a series of the fund held shares in its intended investment. SEC claimed that LoPinto violated Investment Advisers Act.
Client Of Worden Capital Management Alleges Churning In Dispute About LoPinto
Also, a client of Worden Capital Management took aim at John LoPinto in a December 2017 complaint. This dispute solely concerns allegations of LoPinto churning the client’s account. Basically, churning is where a broker trades mainly to generate commissions from the investor. It is similar to excessive trading but worse. Notably, Worden Capital Management compensated this client to the tune of $5,000 to settle this matter.
JP Turner Client Indicates That LoPinto Breached Fiduciary Duty
Evidently, John LoPinto worked for securities firm JP Turner Company from February 2010 to August 2011. In this dispute, the client first alleged negligence and breach of contract concerning high-risk private placement transactions. Secondly, LoPinto supposedly breached a fiduciary duty to the client. According to the dispute, LoPinto breached this duty through making unsuitable trades and by charging the client unreasonable markups and markdowns. Moreover, the client claimed that LoPinto churned their account. For this reason, JP Turner opted to settle this matter through making a $240,000 payment to the client.
In the fourth dispute reported on John LoPinto’s BrokerCheck report, a client of National Securities Corporation alleged that LoPinto caused their damages on private placements. Specifically, the client alleged that LoPinto violated his fiduciary responsibility to them. Additionally, LoPinto is accused of breach of contract and negligence in connection with the private placements. Evidently, this matter settled through National Securities Corporation making a $50,000 payment to the client.
Did You Experience Losses By Investing Through Securities Broker John LoPinto?
Have you sustained losses because of John LoPinto? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about the recovery of your investment losses. Soreide Law Group represents its clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that LoPinto denies all accusations of sales practice violations.