The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Todd Anthony Cirella (CRD: 2396336, Melville, New York). Not only has FINRA sanctioned Cirella for making unsuitable recommendations, but investors disputed the sales practices of the securities broker. However, Cirella denies the allegations. Read on to learn more about the allegations against Cirella.
Evidently, on January 31, 2023, FINRA issued Case: 2020065683301, sanctioning Todd Cirella for infractions. Specifically, Cirella agreed to pay a $5,000 fine and serve a three-month suspension as securities broker. Particularly, FINRA alleged that Cirella gave unsuitable advice. Supposedly, he possibly caused the client to incur trading losses and pay more than $27,000 in commissions.
Also, a client of Laidlaw Company (Uk) Ltd. contested Todd Cirella’s sales practices by filing FINRA Arbitration: 09-06628. Allegedly, Cirella churned accounts, breached a contract, engaged in unauthorized trading, made unsuitable recommendations, made misrepresentations, breached a fiduciary duty, and acted unethically. It appears that Cirella possibly caused the client to sustain damages on over-the-counter equities, common stocks, and preferred stocks. Therefore, Laidlaw Company (Uk) Ltd. opted to settle the matter on October 22, 2010, by compensating the client in the amount of $80,000.
Specifically, a Laidlaw Company (Uk) Ltd. client filed a complaint about Todd Cirella. Namely, the client alleged that Cirella engaged in unauthorized trading and charged excessive commissions. Because of this, the client allegedly sustained damages on common stocks and preferred stocks. Therefore, on June 3, 2010, Laidlaw Company (Uk) Ltd. settled this matter by paying the client $60,000 in damages.
Have you experienced damages due to the sales practices of Todd Cirella? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered money for hundreds of investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Please keep in mind that Cirella and brokerage firms Cirella worked for deny all allegations of sales practice violations.
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