November 19, 2023

Joseph LaScala Disclosed Aegis Client Dispute, FINRA Sanctions

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Soreide Law Group is conducting an investigation on behalf of investors who have suffered losses investing with securities broker Joseph Brian LaScala Jr. (also known as Joe LaScala) [CRD#: 3070261, Melville, New York]. Evidently, LaScala joined Aegis Capital Corp on February 29, 2012, and previously worked with GunnAllen Financial. He was involved in several client disputes alleging unauthorized or unsuitable trading. Moreover, LaScala has a history of regulatory action, including FINRA sanctions for excessive and unsuitable trading.

Aegis Capital Corp. Investor Accused LaScala Of Unauthorized Trading

Particularly, on March 15, 2023, a client of Aegis Capital Corp. filed a written complaint against Joseph LaScala. Namely, the client alleged that LaScala conducted unauthorized trading. Because of this, the client believed they sustained damages. This complaint has evolved into a FINRA Arbitration: 23-02232 and is presently pending. Joseph LaScala denied the allegations, stating that all transactions were pre-approved by the complainant.

FINRA Sanctioned Joseph LaScala For Excessive And Unsuitable Trading

Notably, on January 24, 2022, FINRA sanctioned Joseph LaScala through a regulatory action after concluding that he engaged in excessive and unsuitable trading in a client's account. LaScala, without admitting or denying the allegations, consented to the imposed sanctions and to the findings which included engaging in short-term trading within a client’s individual 401(k) account, where he controlled the trading frequency, exercising control over the account. FINRA indicated that his activity generated trading costs amounting to $90,720 and losses of $116,194.

Additionally, FINRA indicated that he exercised discretionary authority to execute trades without the necessary prior written authorization from the client or approval from Aegis Capital Corp. to manage the account as discretionary. Consequently, LaScala faced sanctions which included a four-month suspension from all capacities in the industry, starting on February 22, 2022, and ending on June 21, 2022, as well as a financial penalty of $7,500, which he paid on February 28, 2023.

LaScala Disclosed Failure To Supervise Allegations By GunnAllen Financial Client

Moreover, a client of GunnAllen Financial contested Joseph LaScala’s sales practices by filing FINRA Arbitration: 10-04182. As a result of alleged supervisory failures, the client sustained damages on equities. Because of this, GunnAllen Financial chose to settle the dispute on November 27, 2012, by compensating the client in the amount of $7,500. Joseph LaScala personally contributed the same amount to the settlement.

GunnAllen Investor Accused Joseph LaScala Of Churning

Also, a GunnAllen client filed FINRA Arbitration: 11-04746 about Joseph LaScala. Evidently, the client alleged that LaScala did not supervise registered representatives who engaged in excessive and unsuitable recommendations. The investor also alleged churning; excessive position concentration; and improper mutual fund switching. Because of this, the client allegedly sustained damages on mutual funds and stocks. Therefore, on August 27, 2012, GunnAllen settled this matter by paying the client $6,250 in damages.

Did you experience losses because of Joseph LaScala? If so, reach out to Soreide Law Group or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. LaScala and brokerage firms he worked for deny accusations of sales practice violations.

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