Broker Rocco Roveccio Sanctioned By FINRA, SEC

The Financial Industry Regulatory Authority (“FINRA”) just sanctioned First Standard Financial Company securities broker Rocco Roveccio (CRD#: 2713144, Red Bank, New Jersey). The sanctions come after SEC barred the securities broker and after 6 investors filed disputes against him. Namely, these disclosures suggest that Roveccio sold unsuitable investments that caused investors’ losses. Here’s more about these disclosures.

FINRA Revokes Rocco Roveccio’s Securities Broker Privileges

Apparently, on November 15, 2019, financial industry watchdog – FINRA – issued Rocco Roveccio an indefinite suspension for his apparent failure to compensate a client who sued after her account was churned and excessively traded. A FINRA Arbitration Award issued July 10, 2019 makes Roveccio liable for paying $45,995.28 in compensatory damages. Notably, Roveccio’s suspension is effective until he pays the client or is no longer responsible for doing so.

SEC Bars Roveccio For Causing Disaster To Investors By His Unreasonable Recommendations

Notably, in My 2019, SEC barred Rocco Roveccio for violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act for his actions at Alexander Capital. Supposedly, the securities broker recommended an excessive trading strategy for clients without reasonable justification. Roveccio’s recommendations were especially bad for three clients based on their needs, objectives, risk tolerances and other circumstances.
Allegedly, Rocco Roveccio also concealed information from clients and even misrepresented aspects of his trading. Further, Roveccio supposedly made unauthorized trades and churned accounts. As a result, SEC expelled Roveccio as broker, dealer, investment adviser, among other capacities in the securities industry.

First Standard Client Alleges Rocco Roveccio Made Trades Without Client’s Knowledge Or Consent

Evidently, a client of First Standard Financial brought a FINRA Arbitration Claim about Rocco Roveccio on July 8, 2019. Allegedly, Roveccio made unauthorized and unsuitable trades. Because of this, the client seemingly faced excessive commissions and losses. For this reason, the client asked First Standard Financial or Roveccio to pay $26,000 in damages in this ongoing matter.

Alexander Capital, First Standard Client Alleges Roveccio’s Unsuitable Trading

Apparently, a client of Alexander Capital and First Standard Financial brought a lawsuit against Rocco Roveccio. In a FINRA Arbitration Action dated May 29, 2018, the client alleged that Roveccio made unsuitable trades. It seems that Roveccio overlooked the client’s investment risk tolerance, goals, or other aspects of the client’s investment profile. In addition, the client indicated that Roveccio did not have authorization for certain stock trades. For losses from the allegedly unauthorized and unsuitable trading, the client demanded $1,500,000 in compensation. Evidently, this matter is unresolved.

Did Rocco Roveccio Sell You Bad Investments?

Have you experienced losses by investing with securities broker Rocco Roveccio, who allegedly breached a fiduciary duty to his clients ? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors like Roveccio.