Eric Patrick Pica 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 according to a FINRA Office of Hearing Officers’ Default Decision containing findings that Pica misused and converted an investor’s funds. Department of Enforcement v. Eric Patrick Pica Disciplinary Proceeding No. 2019061947501 (Mar. 6, 2020).
According to the Decision, Pica failed to respond to FINRA’s Complaint dated October 25, 2019 which contained seven causes of action against Pica including that he had misused $200,000.00 provided to him by a customer of Joseph Stone Capital. FINRA indicated that a check which Pica obtained from the customer was meant to be deposited in the customer’s Joseph Stone Capital account but was instead placed into a bank account owned by the stockbroker.
The Decision noted that Pica tried to hide that he misused or converted the customer’s assets. He told the customer and Joseph Stone Capital personnel lies about what he did with the $200,00.00 check. FINRA personnel were also provided with misleading or false information from the stockbroker as to his whereabouts and contact with Joseph Stone personnel during the time of a FINRA examination. Pica also failed to provide information and documentation to FINRA in reference to a mortgage application for a home that was purchased in part with the
$200,000.00 he improperly obtained from the customer. Pica violated FINRA Rules 8210, 2150 and 2010.
FINRA Public Disclosure confirms that Pica has been identified in seven customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by Joseph Stone Capital and Global Arena Capital Corp.
On July 3, 2017, a customer filed an investment related arbitration claim concerning Pica’s activities where the customer sought $120,000.00 in damages founded on accusations of losses caused by Pica. FINRA Arbitration No. 17-01681. According to the claim, false or misleading statements had been made in regard to over-the-counter equities transactions. The claim also alleged negligence and the breach of both an investment agreement and a fiduciary duty that was owed to the customer by Pica.
On March 21, 2018, a customer filed an investment related complaint in reference to Pica’s conduct where the customer sought $500,000.00 in damages based upon accusations that Pica was negligently supervised by Joseph Stone and had churned the customer’s account. The complaint also alleged that over-the-counter equities trades were very risky and failed to be suitable. On May 22, 2019, a customer initiated investment related arbitration claim in reference to Pica’s conduct was resolved for $293,000.00 in damages based upon accusations including unsuitable leveraged exchange traded funds being effected in the Global Arena Capital Corp customer’s account leading to an overconcentration of the customer’s assets in highly risky securities. FINRA Arbitration No. 18-01555.
Pica’s registration with Joseph Stone Capital was terminated on November 7, 2019.
