investment fraud

Jason Paul Collichio of Carle Place, New York, a stockbroker formerly registered with Worden Capital Management, is identified in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $20,000.00 in damages alleging that Collichio made unsuitable recommendations to the customer inconnection with the recommendation and sale of certain common stocks and preferred stocks during the time that he was registered with Worden Capital Management. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-00347 (March 14, 2022).

This is not the first time that Collichio was the subject of allegations concerning sales practice violations while registered with a securities broker-dealer. FINRA Public Disclosure shows that Collichio is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $49,343.00 in damages based upon accusations of unsuitable advice by Collichio relating to equities trades at Worden Capital Management. FINRA Arbitration No. 22-00347 (March 14, 2022).

Collichio has also been sanctioned on three occasions. Collichio has been fined $5,000.00 and suspended from associating with any FINRA member in any principal capacity supported by findings that Collichio failed to supervise stockbrokers, resulting in excessive trading and churning in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2017056432602 (December 31, 2020).

According to the AWC, two stockbrokers at Worden Capital Management recommended unsuitable trades and engaged in excessive trades in customer accounts. FINRA states that the stockbrokers were not reasonably supervised by Collichio, who knew of high turnover rates, high cost-to-ratios, and other red flags relating to the stockbrokers’ activities. One of the stockbrokers caused customers to collectively experience losses of $1,834,834.00 when the stockbroker earned commissions of $529,056.00. The other stockbroker caused customers to realize $1,170,635.00 in losses when that stockbroker earned commissions of $940,705.00. Collichio violated FINRA Rules 2010 and 3110 for his failure to supervise.

Collichio was sanctioned by Colorado Division of Securities on September 22, 2021. He is prohibited from being a securities principal, manager, or supervisor in Colorado for two years, effective November 17, 2021. On December 21, 2021, Collichio was ordered by Massachusetts Securities Division to be placed on heightened supervision for five years as a condition of registering with a securities broker-dealer in the state.

Collichio was associated with Worden Capital Management between March 23, 2009, and October 6, 2021. He has been associated with Landolt Securities Inc. since September 20, 2021.