Securities Broker John Santariello Gets Barred By FINRA, Accused Of Sales Practice Violations Including Excessive Trading, Churning

Soreide Law Group has learned through Financial Industry Regulatory Authority (FINRA) BrokerCheck that the regulator barred John Joseph Santariello (CRD#: 5746158, Coram, New York). Evidently, Santariello worked for securities firms KC Ward Financial, National Securities Corporation, Wilmington Capital Securities, Joseph Gunnar Company, Cape Securities, and Arive Capital Markets. It also appears that John Santariello is involved in disputes that Arive Capital Markets and KC Ward clients brought. These disputes allege unsuitability and churning, among other things. Here’s more on these disclosures, including what you could do if you sustained losses from this securities broker due to sales practice violations.

FINRA Bars John Santariello In June 2020 For Not Responding To Requests For Information

Evidently, FINRA indefinitely barred John Santariello, which means that he cannot work as a securities broker for any FINRA-member securities firms. He also cannot associate with those firms in any capacity. This is because FINRA asked Santariello for information and he did not respond to the regulator. At first, FINRA suspended the broker, providing him a period of time to resolve his alleged noncompliance. This suspension converted to a bar by June 9, 2020.

Arive Capital Markets Client Alleges Churning, Excessive Trading

Santariello worked for Arive Capital Markets from July 2016 to October 2018. BrokerCheck confirms that a client of Arive Capital Markets disputed John Santariello in August 2019. Mainly, the client alleged three sales practice violations: churning, excessive trading, and unsuitable trading. Supposedly, the broker caused the client to experience losses on stocks by excessively trading these securities. Churning basically means that a securities broker’s main focus in initiating transactions is to profit regardless of whether the client does. In this case, the client asked for $307,042 in damages. Evidently, this matter is unresolved at this time.

KC Ward Client Alleges Excessive Trading By John Santariello

It appears that John Santariello worked for KC Ward Financial a few years before joining Arive Capital Markets. Notably, a client of KC Ward objected in 2014 to Santariello’s trading of stocks. Specifically, the client alleged that Santariello caused losses by making unsuitable trades and excessive trades involving speculative, risky stocks. It appears that KC Ward Financial resolved this matter by paying $30,000 to the KC Ward client.

Losses Through Santariello?

Did you suffer losses because of securities broker John Santariello? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Santariello denies all allegations of his sales practice violations.Lars Soreide AVVO 2020 Top Lawyer