Troy Orlando Suspended, Involved In Investor Dispute

Soreide Law Group is reviewing potential investor claims on behalf of individuals who incurred losses from securities broker Troy Allen Orlando [CRD: 6055474, New York, New York]. Evidently, Orlando worked for various firms, including Craft Capital Management LLC, Joseph Gunnar Co. LLC, Joseph Stone Capital L.L.C., Worden Capital Management LLC, and Spartan Capital Securities LLC, during different periods between 2015 and 2023. Continue reading to learn more about Troy Orlando's disclosures, which include a FINRA regulatory action against the broker and investor disputes.

FINRA Sanctioned Orlando For Excessive Trading

Notably, on November 22, 2023, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2019060753505. Orlando was sanctioned for violating the Best Interest Obligation under Rule 15/-1 of the Securities Exchange Act (known as Reg BI) for excessive and unsuitable trading in client accounts while working with Spartan Capital and Worden Capital.

Supposedly, Orlando recommended high-frequency trading in the clients' accounts. Importantly, the clients, some of whom were elderly, relied on his advice and followed his recommendations. As a result, Orlando exercised control over the clients' accounts. Supposedly, his trading resulted in total trading costs of $231,798, including $164,897 in commissions. The regulator claimed that he caused $198,450 in realized losses.

The final resolution was an Acceptance, Waiver, and Consent (AWC) with sanctions including restitution and a suspension as securities broker. Evidently, the suspension affects all capacities for 20 months, starting from December 4, 2023, to August 3, 2025.

Spartan Capital Securities LLC Investor Accused Troy Orlando Of Misrepresentation And Unsuitable Recommendations

Also, an investor of Spartan Capital Securities LLC filed FINRA Arbitration No. 19-03740 about Troy Orlando. The client alleged that Orlando made unsuitable recommendations and misrepresentations, leading to alleged damages of $51,650. Evidently, the arbitration was settled on February 22, 2022, with Spartan Capital Securities LLC paying the client $1,000 in damages.

Orlando Disclosed Unauthorized Trading Allegations By Spartan Capital Securities LLC Client

Additionally, a client of Spartan Capital Securities LLC contested Troy Orlando's sales practices by filing FINRA Arbitration No. 19-01393. Allegedly, Orlando engaged in unauthorized trading and used margin in the client's account, leading to alleged damages of $40,002.10. Ultimately, the matter was settled on November 18, 2019, with Spartan Capital Securities LLC paying the client $17,587.

Did You Sustain Losses Because Of Troy Orlando?

Did you experience damages because of securities broker / financial advisor Troy Orlando? If so, reach out to Soreide Law Group or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Orlando and the brokerage firms he worked for deny accusations of sales practice violations.