Joseph Albert Ambrosole Fined and Suspended

Soreide Law Group obtained the following information from FINRA’s June 2021 Disciplinary report on broker:
Joseph Albert Ambrosole (CRD #5732488, Staten Island, New York)
On April 7, 2021, an Acceptance, Waiver, and Consent (AWC) was issued in which Joseph Albert Ambrosole was fined $5,000, suspended from association with any FINRA member in all capacities for six months, ordered to pay $147,031.50 in restitution and shall certify to FINRA that restitution has been paid pursuant to a consent order with the New Hampshire Securities Division. Ambrosole and his member firm have already paid full restitution.
Without admitting or denying FINRA’s findings, Joseph Albert Ambrosole consented to the sanctions and to the entry of findings that allegedly he excessively and unsuitably traded the accounts of clients.
FINRA’s findings stated that the first account belonged to an elderly client who was 78 years-old when the account was opened and had begun to sustain permanent, progressive, neurological and cognitive impairments. This elderly client’s account had an average monthly equity of approximately $300,000. According to FINRA’s report, Joseph Albert Ambrosole allegedly recommended and executed trades that caused the client to pay more than $126,000 in commissions and other trading costs.
According to the FINRA report, the second account had an average monthly equity of approximately $70,000 and belonged jointly to the elderly client and his wife who was a senior with limited investment knowledge and experience. Allegedly, Joseph Albert Ambrosole recommended and executed trades in this account which caused the clients to pay more than $20,400 in commissions and other trading costs. FINRA stated that the clients relied on Ambrosole’s advice and accepted his recommendations which ultimately caused the customers to pay $147,031.50 in commissions and other trading costs.
The suspension is in effect from May 3, 2021, through November 2, 2021.
(FINRA Case #2019061947601)
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Joseph Albert Ambrosole has been registered in the securities industry for 8 years and has 8 disclosures on his FINRA CRD report.  Of the 8 disclosures, 5 are Regulatory, 1 is a Judgment/Lien, and 2 are Customer Disputes. Both of the Customer Disputes were from 2018 and settled for $10,000 and $54,900, following allegations, in part of, churning, unsuitability, over-concentration, common law fraud and negligence.
In the 8 years Joseph Albert Ambrosole has been registered, he was listed with 6 firms, the most recent listed below:
1/09/2017 - 06/29/2021  JOSEPH STONE CAPITAL LLC - NEW YORK, NY
07/31/2017 - 11/06/2017  ALEXANDER CAPITAL, LP - NEW YORK, NY
08/05/2015 - 09/15/2016  MEYERS ASSOCIATES, LP – NEW YORK, NY (FINRA expelled the firm on 05/29/2018)
04/22/2015 - 07/23/2015  JOSEPH STONE CAPITAL LLC - NEW YORK, NY
03/12/2013 - 04/21/2015  GLOBAL ARENA CAPITAL CORP – NEW YORK, NY (FINRA expelled the firm on 01/04/2016)
If you or an elderly family member have suffered losses due to the actions or recommendations of the former Joseph Stone Capital of New York broker, Joseph Albert Ambrosole, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.
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