Paul Anthony Posillico, of Melville, New York, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he did not provide FINRA with information about his business activities after it was requested of him. Letter No. 2014042126601 (Oct. 5, 2015).
This is not the first time that Posillico has been sanctioned by FINRA. Particularly, on December 16, 2014, he was suspended by FINRA for not reporting whether he had complied with a customer initiated investment related settlement arrangement or arbitration claim relating to allegations of his wrongdoing. Case No. 12-03966 (Dec. 16, 2014).
FINRA Public Disclosure confirms that Posillico has been identified in five additional customer initiated investment related disputes containing allegations of his misconduct while employed with Milestone Financial Services, Inc., Obsidian Financial Group, Inc., and Aegis Capital Corp. Specifically, on February 21, 2007, a customer initiated investment related arbitration claim involving Posillico’s conduct was settled for $18,000.00 in damages based upon allegations that he effected unauthorized equity trades in the customer’s account.
Subsequently, on September 27, 2010, a customer initiated investment related arbitration claim regarding Posillico’s activities was resolved for $24,999.00 in damages based upon allegations that Posillico defrauded the customer, breached his fiduciary duties, negligently managed the customer’s investments, made unsuitable investment recommendations to the customer, effected unauthorized trades in the customer’s account, and churned the customer’s investment portfolio.
Further, on December 6, 2012, a customer filed an investment related arbitration claim involving Posillico’s conduct, wherein the customer requested $100,000.00 in damages based upon allegations that Posillico effected unsuitable and excessive stock transactions in the customer’s account. Additionally, on June 7, 2016, a customer initiated investment related arbitration claim regarding Posillico’s activities was resolved for $475,000.00 in damages supported by allegations against Posillico including misrepresentation, fraud, breach of fiduciary duty, unauthorized trading, unsuitability, and churning of the customer’s investments.
Since May 5, 2004, Posillico has been associated with five different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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