Joseph R. Connolly, of Staten Island, New York, a stockbroker formerly registered with Alexander Capital, L.P., has been subject to a customer initiated investment related arbitration claim on February 8, 2016, in which the customer requested $660,000.00 in damages based upon allegations that Connolly effected excessive and unsuitable trades in the customer’s account, and generated excessive commissions.
FINRA Public Disclosure reveals that on August 27, 2014, a customer initiated investment related arbitration claim involving Connolly’s conduct was settled for $14,900.00 in damages based upon allegations that Connolly overconcentrated the customer’s positions and churned the customer’s account.
On August 2, 2016, Connolly was charged in a Complaint by the State of Montana Securities and Insurance Commissioner, in which Connolly was alleged to have charged a customer with excessive fees and commissions, traded on an excessive basis and without requisite authorization, utilized margin in the customer’s account in an unapproved manner, made unsuitable investment recommendations, and defrauded the customer. SEC-2016-106 (Aug. 2, 2016).
Guiliano Law Group
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