Were You a Client of New York Brokers, William C. Gennity, Rocco Roveccio, or Laurence M. Torres?

The Securities and Exchange Commission (SEC) charged three New York-based brokers with making unsuitable recommendations that resulted in substantial losses to their clients and large commissions for the brokers, in September of 2017.
An SEC examination of the firm Alexander Capital L.P. detected alleged misconduct among some brokers, and the investigation led to the filing of an SEC complaint against WILLIAM CHRISTIAN GENNITY (aka: WILLIAM C. GENNITY, BILLY CHRISTIAN GENNITY, BILLY GENNITY) CRD#: 4913490,  and ROCCO ROVECCIO CRD#: 2713144.  The SEC also issued an order against LAURENCE MICHAEL TORRES (aka: LARRY TORRES, LAURENCE M TORRES, MICHAEL TORRES) CRD#: 2821373.
In the SEC’s complaint, allegedly William C. Gennity, and Rocco Roveccio recommended investments that involved frequent buying and selling of securities without any reasonable basis to believe their clients would profit.  Clients incur costs with every transaction, and the price of the security must increase significantly during the brief period it is held for a profit to be realized.
There are further allegations of Gennity and Roveccio churning client accounts, engaging in unauthorized trading, and concealing information from their clients.  The SEC alleges that the transaction costs associated with their recommendations, which are commissions, markups, markdowns, postage, fees, and margin interest, would almost negate any potential monetary gains.  According to the complaint, client losses totaled $683,038.  The SEC alleges Gennity received approximately $280,000 and Roveccio received approximately $206,000 in commissions and fees.
Additionally, the SEC’s order against Torres states that he had no basis to recommend a high-cost pattern of frequent trading that gave his clients no chance of making even a minimal profit.  The SEC alleges Torres also engaged in unauthorized trades and churning.  Torres agreed to be barred from the securities industry and penny stock trading. Torres must also pay $225,359.36 in disgorgement, plus $25,748.02 in interest, and a $160,000 penalty.
Both Gennity and Roveccio are currently employed with:
FIRST STANDARD FINANCIAL COMPANY LLC
1655 Richmond Avenue Suite D
STATEN ISLAND, NY 10314
Torres was previously employed at FIRST STANDARD FINANCIAL, and all three brokers were also formerly employed with ALEXANDER CAPITAL LLC in New York.
Soreide Law Group recently filed a FINRA arbitration, on behalf of our clients, against William C. Gennity and First Standard Financial Company, LLC.
On July 7, 2017, Soreide Law Group posted the following on this blog:
https://www.securitieslawyer.com/william-c-gennity/
If you sustained losses due to the actions or recommendations of William C. Gennity, Rocco Roveccio, or Laurence M. Torres, with First Standard Financial Company or Alexander Capital of New York, call Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.