David Martin Martirosian of New York New York a stockbroker formerly registered with Joseph Stone Capital LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Martirosian failed to cooperate with FINRA when he was investigated for effecting unsuitable and excessive trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2019063251701 (Apr. 26, 2021).
According to the AWC, a FINRA investigation came about from concerns about Martirosian making unsuitable and excessive trades during the time that he was associated with Joseph Stone Capital. The regulator also sought information regarding Martirosian’s possible private securities transactions when associated with the securities broker dealer.
On March 22, 2021, Martirosian was asked by FINRA to provide documents and information so that it could determine if he violated FINRA rules on suitability and excessive trading. Martirosian was required to cooperate with the request according to Rule 8210. An email FINRA received from Martirosian’s legal counsel on April 6, 2021 confirmed that Martirosian got the request and would not be complying with it. The stockbroker refused to provide any documents and information. Martirosian violated FINRA Rules 2010 and 8210 for this reason.
Martirosian has been identified in three customer initiated investment related disputes containing allegations of his improper actions when associated with John Thomas Financial, Legend Securities and Joseph Stone Capital LLC. FINRA Public Disclosure reveals that a customer filed an investment related complaint regarding Martirosian’s activities where the customer requested $7,500.00 in damages based upon accusations that unreasonable commissions and fees had been charged to the customer while Martirosian was associated with John Thomas Financial. The complaint also alleges that Martirosian mishandled the customer’s account.
On June 11, 2015, a customer filed an investment related complaint involving Martirosian’s activities in which the customer sought $10,696.00 in damages supported by allegations of Martirosian’s unauthorized trading of over-the-counter equities at Legend Securities. The stockbroker is the subject of a customer initiated investment related written complaint which was settled for $39,077.15 on December 14, 2018 founded on accusations of the customer being provided with the wrong information from the customer concerning the price in which over-the-counter equities shares would be purchased.
Martirosian was registered with Joseph Stone Capital between July 12, 2016 and April 26, 2021. He has been associated with four different securities broker dealers who have been expelled by securities regulators for violation of federal securities laws or who are otherwise defunct.