Christopher John Calandrino (also known as Chris Calandrino) of Coram New York a stockbroker formerly registered with Cape Securities Inc. has been suspended on March 19, 2018 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Calandrino failed to comply with his obligations to pay a customer compensatory damages after being found liable on the customer’s accusations of Calandrino’s mismanagement of the customer’s account.
According to the FINRA Office of Dispute Resolution Arbitration Award, the customer claimed that his investment account was handled in a negligent manner; contractual and fiduciary obligations owed to him were breached; transactions effected in his account were unsuitable; there were false or misleading statements and non-disclosures in regard to the investments; and the customer’s investment account was churned. Calandrino was found liable by the Arbitrator and ordered to pay the customer $14,000.00 in compensatory damages; however, Calandrino reportedly failed to pay this Award or otherwise confirm with FINRA personnel whether he complied.
This is not the first time that Calandrino has been sanctioned by FINRA. Particularly, Calandrino has already been barred from associating with any FINRA member in any capacity founded on allegations that Calandrino disregarded a FINRA request for his information. Apparently, Calandrino was initially suspended by the regulator effective February 10, 2017. However, Calandrino neglected to correspond with FINRA within the time allotted for him to terminate the suspension. Accordingly, Calandrino was automatically barred in all capacities by FINRA on February 10, 2017.
Calandrino’s registration with Cape Securities Inc. has been terminated effective October 9, 2015. He was subsequently employed by Joseph Stone Capital L.L.C. between October 9, 2015 and October 6, 2016. Calandrino was terminated from Joseph Stone Capital L.L.C. during the time that he was internally investigated for potentially violating the firm’s policies and FINRA rules by selling away from the securities broker dealer. He has additionally been associated with at least two different securities broker dealers which have been expelled by securities regulators for violation of federal securities laws or who are otherwise defunct.
