PHILIP JOSEPH SPARACINO (Philip Sparacino) CRD#: 3243960, was barred on November 11, 2019, by the Financial Industry Regulatory Authority Inc. (FINRA) from acting as a broker or otherwise associating with a broker/dealer firm. Philip Sparacino, formerly with First Standard Financial Company, LLC of Red Bank, New Jersey, allegedly failed to participate in a hearing investigating allegations of churning. Churning is defined as a term applied to the practice of a broker conducting excessive trading in a client’s account mainly to generate commissions. Churning is an unethical and illegal practice that violates securities laws.
According to FINRA’s BrokerCheck, Philip Sparacino was permitted to resign at First Standard Financial on October 14, 2019, because of an order by the New Jersey Bureau of Securities revoking his registration. The registration of the firm as a broker/dealer was also revoked. First Standard Financial Company also had its assets frozen due to the alleged findings that the firm obtained more than $28.7 million due to alleged unauthorized, unsuitable and excessive trading.
According to the New Jersey State Bureau of Securities, they stated that the First Standard Financial, of Red Bank, New Jersey, “routinely hired agents with a history of customer complaints and regulatory problems,” and that the firm and its brokers, “defrauded the firm’s clients through unsuitable and frequently unauthorized in-and-out trading in bonds and other securities for which active trading is unsuitable.” Allegedly, FINRA had been investigating allegations that Philip Sparacino engaged in unauthorized, excessive and unsuitable trading while he was registered with First Standard Financial.
New Jersey fined Philip Sparacino $250,000 for civil and administrative penalties.
According to FINRA’s BrokerCheck, Philip Sparacino, has 9 Disclosures on his report. He had been registered in the securities industry for 11 years and was listed with 6 firms, the most recent listed below:
07/02/2014 – 10/22/2019 FIRST STANDARD FINANCIAL COMPANY LLC – RED BANK, NJ
06/20/2012 – 06/27/2014 ALEXANDER CAPITAL LP – STATEN ISLAND, NY
5/11/2010 – 06/21/2012 BROOKSTONE SECURITIES INC – (FINRA expelled this firm on 10/09/2012) STATEN ISLAND, NY
02/27/2008 – 01/05/2010 MERCER CAPITAL LTD – NEW YORK, NY
If you’ve suffered losses due to the actions or recommendations of Philip Sparacino, or any other broker with First Standard Financial Company, LLC of Red Bank, New Jersey, 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 and represents clients nationwide before FINRA.