Eugene Arthur Riggio Jr. of New York New York a stockbroker formerly registered with Score Priority Corp (formerly known as Whotrades Inc.) is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $10,000.00 in damages based upon allegations of unsuitable recommendations being made by the stockbroker as it pertained to initial public offerings. FINRA Arbitration No. 20-00451 (Mar. 25, 2020).
According to the claim, the customers had been told by Riggio that they could invest in companies prior to initial public offerings. The claim indicates that the customers lost money that they provided to him and that Score Priority Corp allegedly failed to supervise the stockbroker’s activities.
FINRA Public Disclosure reveals that Riggio has been barred from associating with any FINRA member in any capacity supported by findings that he neglected to cooperate with FINRA personnel when he was under investigation. Letter of Acceptance Waiver and Consent No. 2016051872301 (May 10, 2017). According to the AWC, the regulator’s investigation concerned Riggio’s possible misuse of investor funds while he was registered with Wilmington Capital Securities LLC. Riggio was asked by FINRA to provide information relating to the accusations against him. The stockbroker received the request but indicated that he would not provide any information to FINRA. Riggio’s refusal to cooperate in the investigation constituted the violation of FINRA Rules 2010 and 8210.
Wilmington Capital Securities terminated Riggio on October 27, 2016 founded on allegations of an investor not being paid back on a loan that was provided to Riggio or a company which Riggio controlled.
