Soreide Law Group has obtained the following information on the SW FINANCIAL of New York, NY, broker, from FINRA’s Disciplinary Report October of 2021: 


On August 12, 2021 an Acceptance, Waiver, and Consent (AWC) was issued in which John S Cangialosi was fined $7,500, suspended from association with any FINRA member in all capacities for nine months (9/7/2021 – 6/6/2022) and ordered to pay $271,622 in restitution to customers.

Without admitting or denying FINRA’s findings, John S Cangialosi consented to the sanctions and to the entry of findings that he allegedly excessively traded three clients’ accounts.

FINRA’s findings alleged that John S Cangialosi recommended high frequency trading in the accounts with each client, often holding concentrated positions in one or two securities for short periods of time. FINRA alleges Cangialosi’s clients routinely followed his recommendations and, as a result he exercised de facto control over the accounts.

According to the FINRA report, John S Cangialosi’s trading also resulted in high turnover rates and cost-to-equity ratios as well as significant losses. FINRA alleged Cangialosi’s trading in the accounts was excessive and unsuitable given the clients’ investment profiles.

FINRA stated the clients suffered collective losses of $405,255, while paying total trading costs of $311,229, including commissions of $292,657. The restitution imposed is equal to the commissions paid by two of the clients and the third client already received restitution in connection with another AWC.
(FINRA Case #2017056432605)

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, John S Cangialosi, has been in the securities industry for 19 years and was listed with 8 firms.  He has 12 disclosures on his FINRA CRD report.  Seven of the disclosures are “Customer Disputes.” Cangialosi denies the allegations.

John S Cangialosi has been registered with the following firm since 12/10/2019:



NEW YORK, NY 10005

He was also listed with:

08/21/2013 – 11/09/2016  LEGEND SECURITIES, INC (FINRA expelled the firm on 04/17/2017) – NEW YORK, NY

06/20/2012 – 08/30/2013  JOSEPH GUNNAR & CO LLCSTATEN ISLAND, NY 

If you’ve experienced investment losses due to the actions or recommendations of SW FINANCIAL of New York, broker, John S Cangialosi, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:   888-760-6552.

Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.