FINRA Sanctions Philip Marchese

Soreide Law Group is investigating possible investor claims against securities broker Philip Marchese [CRD: 5905008, New York, New York]. Notably, FINRA sanctioned the securities broker, who worked for Spartan Capital Securities LLC. Allegedly, Marchese engaged in excessive trading. Here is a brief summary of FINRA’s allegations against Marchese.

FINRA Sanctions Spartan Capital Securities LLC Securities Broker For Excessive Trading

Particularly, on April 22, 2022, FINRA issued Case: 2018056490301, which contains sanctions against Philip Marchese for infractions. Marchese was suspended as a securities broker. Mainly, FINRA alleged that Marchese engaged in excessive trading.

Namely, FINRA says that from August 2017 through November 2019, during the time that he was associated with Spartan Capital, Marchese excessively traded four client accounts. Specifically, Marchese’s trading caused high cost-to-equity ratios and turnover rates. In one case, Marchese’s trades caused a client’s account to have an annualized cost-to-equity ratio of 62 percent and a turnover rate of 18.9. Supposedly, Marchese’s trading generated trading costs of $143,237 and $159,460 in losses. As a result, Marchese violated FINRA Rules 2010 and 2111.

Philip Marchese Disclosed Negligence Allegations By National Securities Corporation Client

Evidently, a client of National Securities Corporation contested Philip Marchese’s sales practices by filing FINRA Arbitration: 15-01543. Allegedly, Marchese was negligent, made unsuitable recommendations, mismanaged investment accounts, violated FINRA rules, violated state securities laws, breached fiduciary duties, acted unethically, and made misrepresentations of material fact. It appears that the over-the-counter equities transactions resulted in damages. Therefore, National Securities Corporation opted to settle the matter on December 22, 2016, by compensating the client in the amount of $50,000. However, the firm did not admit liability.

Marchese Employment Information

• Marchese worked for Joseph Stone Capital LLC in New York, NY, as a securities broker from December of 2020 to July of 2021.
• Marchese worked for Spartan Capital Securities LLC in New York, NY, as a securities broker from June of 2021 to March of 2022.

Did Spartan Capital Securities LLC Securities Broker Philip Marchese Cause You To Experience Damages?

Have you experienced damages because of Philip Marchese? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about the potential recovery of your investment losses or other damages. Soreide Law Group, who has effectively recovered money for many investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Marchese and brokerage firms Marchese worked for deny all allegations of sales practice violations.