Carmine Anthony Berardi (also known as Carl Berard), of Red Bank, New Jersey, a stockbroker registered with First Standard Financial Company LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer was awarded $281,500.00 in compensatory damages because Berardi was held liable on the customer’s claims. FINRA Arbitration No. 20-04098 (January 13, 2022).
First Standard went bust in 2019, and Mr. Berardi deceased on November 13, 2021.
The Statement of Claim, which was filed in December 2020, alleged that Berardi engaged in unauthorized trading, inappropriately used margin, made unsuitable recommendations, breached a contract, breached his fiduciary duties, made omissions and misrepresentations of material fact, and failed to supervise certain representatives in connection with the sale of investments when Berardi was associated with First Standard Financial Company LLC.
This is not the first time that Berardi has been the subject of an arbitration action concerning Berardi’s conduct in the securities industry. FINRA Public Disclosure shows that Berardi has been suspended from associating with any FINRA member in any capacity because Berardi failed to comply with an arbitration award or settlement agreement or otherwise confirm compliance with FINRA Arbitration No. 19-03746 (August 10, 2021). The suspension was terminated on September 7, 2021. Berardi was found jointly liable on the customer’s claims of breach of contract and violations of state securities laws and was ordered to pay the customer $232,426.30 in compensatory damages.
Berardi was associated with First Standard Financial Company LLC as a stockbroker from June 11, 2014, to April 19, 2018.
