ILLIAM CHRISTIAN GENNITY (WILLIAM GENNITY, BILLY GENNITY) CRD#: 4913490, was barred by the Securities and Exchange Commission (SEC) from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public, and FINRA has suspended Gennity from acting as a broker. According to FINRA, Gennity failed to respond to the FINRA request for information.
The SEC issued a final judgment against WILLIAM GENNITY charging him with making unsuitable recommendations and churning in client accounts. According to the SEC, from July 2012 to August 2014, Gennity allegedly recommended high-cost frequent trading to four of his clients, without a reasonable basis to believe the strategy would yield profits. The SEC claimed a pattern of high cost, in-and-out trading without any reasonable basis to believe that his recommendations were suitable for anyone. In other words, the alleged recommendations resulted in gains for Gennity, but losses for the clients, according to the SEC.
Without admitting or denying the allegations, Gennity agreed to the bar from the securities industry, and to pay $127,686 in disgorgement, $14,797 in prejudgment interest and a $160,000 civil penalty, the SEC stated.
WILLIAM GENNITY was with Alexander Capital, in New York from April 2012 to October 2014. In 2018, Alexander Capital settled for more than $400,000 due to allegations of failure to supervise churning in client accounts by Gennity and two other brokers, Rocco Roveccio and Laurence Torres. Also, the Alexander Capital supervisors, Philip Noto II and Barry Eisenberg, settled with separate orders.
The SEC has brought five enforcement actions alleging excessive and unsuitable trading since 2017.
According to FINRA’s BrokerCheck WILLIAM GENNITY has 11 Disclosures on his report, 7 are Customer Disputes, 3 are Regulatory, and 1 is Civil. Gennity was in the securities industry for 12 years and was listed with 10 firms, the 4 most recent are listed below:
10/13/2014 – 11/02/2018 FIRST STANDARD FINANCIAL COMPANY LLC – STATEN ISLAND, NY
04/27/2012 – 10/06/2014 ALEXANDER CAPITAL, LP – NEW YORK, NY
03/28/2011 – 04/30/2012 LEGEND SECURITIES INC – (FINRA expelled the firm on 04/17/2017) NEW YORK, NY
06/18/2010 – 03/31/2011 NATIONAL SECURITEIS CORPORATION – ISELIN, NJ
If you have also experienced losses due to the actions or recommendations of former Alexander Capital and First Standard Financial of New York, broker WILLIAM GENNITY, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of those losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.