Christopher George Orlando of New York New York a stockbroker formerly registered with Legend Securities and Worden Capital Management has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings of Orlando making excessive trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2017056432603 (June 30, 2021).

According to the AWC, between October of 2015 and December of 2018, Orlando made excessive trades in 12 customers’ accounts. Those customers would usually be advised by Orlando to sell securities and then place funds into new securities within short periods of time. The customers allowed Orlando to control their accounts as they went along with all of his recommendations.

In one case, between November of 2016 and September of 2017, at least 313 trades were effected by Orlando in a customer’s account. This resulted in an annualized cost-to-equity ratio of 103.17 percent and an annualized turnover rate of 25.13. The customer was required to pay $205,557.00 in commissions and $22,601.00 in margin interest. That customer realized losses of $118,490.00.

In another case, between January of 2017 and December of 2018, 41 trades were made by Orlando in a customer’s account. This produced an annualized cost-to-equity ratio of 85.54 percent and an annualized turnover rate of 18.63. Those transactions caused the customer to have to pay $16,767.00 in trading costs. The AWC stated that the customer realized losses of $63,413.00.

FINRA determined that Orlando’s trading was unsuitable because of his customers’ investment profiles. Customers collectively paid $581,216.00 in trading costs while realizing $486,680.00 in losses. Orlando violated FINRA Rules 2010 and 2111 for this reason.

Orlando has been identified in two customer initiated investment related disputes concerning accusations of his improper activities. FINRA Public Disclosure confirms that a customer filed an investment related complaint regarding Orlando’s activities in which the customer requested $16,579.61 in damages based upon allegations of unsuitable trading and high fees on equities transactions at Brookstone Securities Inc.

Another customer filed an investment related complaint involving Orlando’s conduct where the customer sought $17,000.00 in damages founded on accusations of unsuitable trading of over-the-counter equities in their National Securities Corp account. The claim also alleges misrepresentation by the stockbroker.

Orlando was registered with Worden Capital Management from November 4, 2016 to December 17, 2019.

Tags: ,

Comments are closed.