Anthony Mastroianni, Jr., of New York, New York, a stockbroker formerly associated with Alexander Capital, L.P., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that Mastroianni churned or excessively traded a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2015047001401 (Dec. 7, 2016).
According to the AWC, FINRA launched an investigation into allegations that from 2011 to 2013, Mastroianni churned or had excessively traded the investment account of an elderly customer who had accounts serviced by Mastroianni while he was registered at a previous employer, J.P. Turner, and later Alexander Capital.
FINRA, according to the AWC, additionally investigated whether Mastroianni had engaged in the unauthorized borrowing of $90,000.00 in funds which belonged to two of the firm’s customers. The borrowing arrangement reportedly took place over four separate transactions, where Mastroianni never notified his firm concerning such arrangements or received approval concerning such.
On October 31, 2016, FINRA requested, pursuant to Rule 8210, that Mastroianni provide recorded testimony in furtherance of FINRA’s investigation into Mastroianni’s alleged misconduct. Apparently, on November 8, 2016, Mastroianni’s counsel contacted FINRA to indicate that Mastroianni understood the nature of the request, but would not be cooperating at any point. FINRA found that Mastroianni’s failure to cooperate in the investigation was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.
FINRA Public Disclosure records reveal that Mastroianni has been subject to seven events concerning allegations of misconduct. Particularly, on July 24, 2015, a customer filed an investment related arbitration claim involving Mastroianni’s conduct, in which the customer requested $60,000.00 in damages based upon allegations that Mastroianni mishandled and churned the customer’s account.
On July 6, 2016, another customer filed an investment related arbitration claim involving Mastroianni’s conduct, in which the customer requested $2,000,000.00 in damages based upon the customer’s allegations that Mastroianni engaged in churning of the customer’s investment account, breached his contractual and fiduciary duties to the customer, and effected unsuitable investments in the customer’s account.
Subsequent to Mastroianni’s registration having been terminated with Alexander Capital in November of 2013, he became registered with Meyers Associates, L.P. from November of 2013 to August of 2016.
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