Richard Perlongo Of Spartan Capital Securities Fined By FINRA For Excessive Trading

FINRA suspended securities broker Richard Joseph Perlongo [CRD: 4913481, New York, New York], based on publicly available information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Richard Perlongo has been registered with Spartan Capital Securities LLC since August 15, 2017. Investors should review the details below to learn more about disclosures involving this securities broker.

FINRA Sanctioned Perlongo For Excessive Trading

Notably, on March 6, 2025, FINRA issued Case: 2018056490324 sanctioning Richard Perlongo for infractions. Specifically, Perlongo was suspended for three months, fined $5,000, and ordered to pay restitution of $18,925. Mainly, FINRA alleged that Perlongo engaged in excessive and unsuitable trading in a client’s account.

Alleged Excessive And Unsuitable Trading By Richard Perlongo

According to FINRA, between October 2018 and September 2019, Richard Perlongo excessively traded a single investor’s account. FINRA alleged that the investor relied heavily on Perlongo’s recommendations, giving him de facto control over the account. During this period, Perlongo allegedly recommended frequent in-and-out transactions that resulted in high trading costs, including an annualized turnover rate of approximately 19 and a cost-to-equity ratio near 71 percent. FINRA stated that this activity caused the investor to pay $18,925 in commissions and suffer realized losses totaling $70,107.

FINRA alleged that this conduct violated FINRA Rule 2111, which requires recommendations to be suitable based on an investor’s profile, and FINRA Rule 2010, which requires securities brokers to observe high ethical standards.

As part of a Letter of Acceptance, Waiver, and Consent, Richard Perlongo consented to FINRA’s findings without admitting or denying them.

Were You Impacted By Financial Advisor / Securities Broker Richard Perlongo?

Did you experience losses because of Richard Perlongo? You can contact Soreide Law Group at (888) 760-6552 or online and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for clients located throughout the United States. Also, the firm represents investors on a contingency fee basis and advances all costs. Perlongo and brokerage firms Perlongo worked for deny allegations of sales practice violations.