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David Michael Cutolo Senior of New York New York a stockbroker formerly registered with Spartan Capital Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $9,100.00 in damages founded upon accusations that the customer had been invested in unsuitable common and preferred stocks and that the customer was exposed to Cutolo’s high pressure sales tactics which induced the customer’s trades at Spartan Capital Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01567 (June 4, 2020).

This is not the first time that Cutolo has been accused of sales practice violations by an investor. FINRA Public Disclosure reveals that Cutolo is referenced in a customer initiated investment related arbitration claim which was settled for $30,000.00 in damages supported by allegations that during the period that Cutolo was associated with Great Eastern Securities Inc., unauthorized stock transactions were effected in the customer’s account which led the customer to experience investment losses.

Cutolo’s employment with Spartan Capital Securities was terminated on November 13, 2019. He has been associated with twenty six securities broker dealers twenty three of which have been expelled by regulators for violation of federal securities laws or are otherwise defunct.