Raymond John Pirrello Junior, of Hackensack, New Jersey, a stockbroker formerly registered with Garden State Securities, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide FINRA staff with information about his activities. Letter No. 2016050071901 (July 11, 2016).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pirrello has been identified in ten customer initiated investment related disputes containing allegations of his misconduct while employed with Barron Chase Securities and J.P. Turner & Company, L.L.C. Specifically, on April 29, 2002, a customer initiated investment related arbitration claim involving Pirrello’s conduct was settled for $21,000.00 in damages based upon allegations that he made misrepresentations and omissions to the customer, failed to execute upon the customer’s instructions, placed unsuitable and unauthorized over-the-counter equity transactions, and churned the customer’s account.
On January 22, 2008, another customer initiated investment related arbitration claim regarding Pirrello’s activities was resolved for $30,000.00 in damages based upon allegations that Pirrello failed to follow the customer’s instructions. Subsequently, on November 4, 2008, a customer filed an investment related written complaint involving Pirrello’s conduct, in which the customer requested $5,000.00 in damages based upon allegations that he misrepresented over-the-counter equity products to the customer.
Moreover, on February 22, 2017, a customer filed an investment related arbitration claim regarding Pirrello’s conduct, in which the customer requested $1,000,000.00 in damages based upon allegations that Pirrello negligently handled the customer’s investment account, effected transactions which were not suitable nor authorized, and churned the customer’s portfolio of over-the-counter equities and options.
Since August 23, 1996, Pirrello has been associated with six different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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