Frank Vincent Sapareto of Derry New Hampshire a stockbroker formerly registered with Advisory Group Equity Services Ltd. has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity according to a FINRA Office of Hearing Officers Default Decision containing findings that Sapareto engaged in an undisclosed outside business activity and falsified information and testimony to the regulator in regard to those activities. Department of Enforcement v. Frank V. Sapareto Disciplinary Proceeding No. 2018060379701 (Aug. 9, 2021).
Sapareto was investigated by FINRA because of possibly being involved in the marketing and production of a movie in 2018 through Standard Video LLC. FINRA sought to determine if Sapareto violated Advisory Group Equity Services’ policy and FINRA rules by improperly taking part in this activity while registered with the securities broker dealer.
When Sapareto was under investigation, he was asked by FINRA to hand over documents or information in March of 2019. Sapareto provided misleading or false responses in regard to his activities. He denied creating the company or doing business under it relating to Standard Video. The regulator also found that Sapareto falsely testified regarding his marketing and sales and his involvement with an individual, JC, who he partnered with for this activity.
According to the Decision, Sapareto failed to respond to a Complaint that FINRA Department of Enforcement filed against him in regard to his outside business activity and his actions while under investigation. FINRA’s Office of Hearing Officers found that Sapareto violated FINRA Rules 2010 and 3270 for his undisclosed outside business activity, and violated FINRA Rules 2010 and 8210 for providing the regulator with false information.
Sapareto was registered with Advisory Group Equity Services between February 16, 2017 and October 31, 2018. He was discharged based on allegations of his violation of company policy and FINRA rules. He was registered with Fortune Financial Services between January 2, 2019 and January 15, 2019, and registered with Trustmont Financial Group Inc. between April 15, 2019 and May 5, 2020.
