Jesus Manuel Bravo (also known as Jesse Bravo), of Plainview, New York, a stockbroker registered with Joseph Stone Capital LLC, has been suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Bravo made unsuitable investment recommendations. Letter of Acceptance, Waiver, and Consent No. 2020066887401 (November 22, 2022).
According to the AWC, between March 2015 and September 2017, during the time that he was associated with Joseph Stone Capital, Bravo engaged in unsuitable and excessive trading in two customer accounts. FINRA states that in one customer’s account, Bravo caused 21
trades to be executed, and those trades collectively had a principal value of over $224,000. During that period, The customer’s average monthly equity was under $9,500. Bravo’s recommendations caused the customer to pay over $5,000 in costs and commissions. His recommendations caused the customer’s account to have an annualized cost-to-equity ratio of 35 percent.
In a second customer’s account, Bravo caused 23 trades to be executed. While the customer had an average monthly equity of approximately $10,500, Bravo’s recommendations resulted in the customer paying approximately $5,000 between commissions and costs. This customer’s account had an annualized cost-to-equity ratio of approximately 31 percent. Therefore, Bravo violated FINRA Rules 2010 and 2111.
Bravo has also been fined $20,000.00 and suspended for one year from associating with any FINRA member in any capacity because Bravo compensated an unregistered person in connection with securities business. Decision and Order of Offer of Settlement No. 2011027760602 (June 25, 2012).
According to the Order, when he was registered with Brookstone Securities, Bravo shared commissions with an unregistered person who operated a business out of the same office space as Bravo. Bravo paid the unregistered representative $255,298.00 for stock research and recommendations. Therefore, Bravo violated FINRA Rule 2010 and NASD Conduct Rule 2420.
Bravo was also referenced in a complaint that was settled on June 28, 2000, for $8,800.00 in damages based upon allegations that Bravo engaged in excessive trading and made unsuitable recommendations of over-the-counter equities when Bravo was associated with The Thornwater Co. LP.
Bravo was associated with Joseph Stone Capital LLC in Plainview, New York, as a stockbroker from August of 2014 to March of 2020, and associated with CBC Securities Inc. in Plainview, New York, as a stockbroker from February of 2020 to October of 2020.