The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, January 2012.”
Joseph James Sciarra Jr. (CRD #1576322, Registered Principal, Wellington, Florida)
was barred from association with any FINRA member in any capacity and ordered to pay $393,935, plus interest, in restitution to a customer’s estate. The sanctions were based on findings that Sciarra converted a customer’s funds by not applying the funds for the customer’s intended purpose.
The findings stated that the customer provided checks totaling $393,935 to Sciarra to invest in warrants. Sciarra neither deposited the checks into the customer’s firm account nor provided any warrants or other securities to the customer.
Sciarra cashed the checks or deposited them into a bank account. The findings also stated that the customer passed away and Sciarra has not reimbursed the customer’s estate.
The findings also included that Sciarra failed to respond to FINRA requests for information.
(FINRA Case #2010022840501)
The information from FINRA’s website has ended.
Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses through Joseph James Sciarra, Jr., Wellington, FL, or similar losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
