Anthony Sica of New York New York a stockbroker registered with Joseph Gunnar Co. LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $750,000.00 in damages based upon allegations that private placements were sold by Sica without reasonable supervision from Joseph Gunnar and that those investments failed to be suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00366 (Feb. 5, 2020).
Sica has been identified in nine customer initiated investment related disputes concerning accusations of his misconduct while employed by securities broker dealers including Joseph Gunnar Co. LLC. FINRA Public Disclosure confirms that a customer initiated investment related arbitration claim concerning Sica’s activities was resolved for $157,500.00 in damages founded on accusations of bad equity and mutual fund transactions for the customer’s Joseph Gunnar account. The claim also alleges that the customer’s account was mismanaged and that the customer experienced undue losses because of the stockbroker.
Another customer filed an investment related arbitration claim pertaining to Sica’s conduct which was settled for $302,500.00 in damages supported by allegations that stock and over-the-counter equities transactions were facilitated in the Joseph Gunnar customer’s account by the stockbroker without consent from the customer. Sica’s transactions were allegedly excessive and failed to be suitable for the customer.
Sica has also been ordered by Maryland Securities Commissioner to withdrawal his registration as a stockbroker or investment adviser representative based upon accusations that he was sanctioned by FINRA for giving bad advice to investors. File No. 2017-1065 (Jan. 22, 2018).
Sica was fined $20,000.00 and suspended for three months from associating with any FINRA member in any capacity based upon allegations that Sica poorly advised an elderly customer and effected trades on an unsuitable and unauthorized basis causing the customer to experience unwarranted investment losses. Letter of Acceptance Waiver and Consent No. 2013039507101 (Nov. 30, 2017).
According to the AWC, an elderly customer was provided with bad investment recommendations from Sica. The customer was advised by Sica on multiple occasions to buy speculative and very risky securities. These recommendations were not appropriate given the customer’s investment profile. The customer’s account was also overconcentrated in the aggressive investments.
The AWC stated that trades had been made by Sica on a short term basis which generated at least $150,000.00 in losses for the customer’s account. FINRA also determined that trades placed in the customer’s individual retirement account by Sica were not authorized and had caused an additional $3,039.00 in losses. The AWC indicated that Sica knew that the customer was deceased by the time that he had traded. FINRA found that the stockbroker violated FINRA Rules 2010 and 2111 as well as National Association of Securities Dealers (NASD) Rule 2310.
Sica has been registered with Joseph Gunnar since October 31, 2003.
