Securities Arbitration Investment Fraud Lawyers » Misappropriation of Funds » Joseph Gunnar Sued By Investors For Failure To Supervise

arbitration notice

Joseph Anthony Alagna Jr. the Chief Executive Officer of Joseph Gunnar Co. LLC is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $340,000.00 in damages founded on allegations that Alagna failed to supervise a Joseph Gunnar stockbroker who sold customers bad private placements. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01202 (Apr. 21, 2020).

Alagna has been identified in three additional customer initiated investment related disputes containing accusations of his improper conduct during the time that he was employed by securities broker dealers including Joseph Gunnar and Bear Stearns.

FINRA Public Disclosure reveals that Alagna is named in a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $200,000.00 in compensatory damages and $200,000.00 in punitive damages supported by Alagna being found liable on the customer’s claims including that unsuitable investments were sold to the customer. According to the claim, unauthorized trades were effected in the customer’s account and that the customer’s account was churned. The claim also alleges that a fiduciary duty had been breached and that misrepresentations and omissions were made by the stockbroker.

Another customer initiated investment related FINRA securities arbitration claim resulted in the customer being awarded $702,037.00 in damages according to Alagna being found liable on the customer’s claims including securities fraud, unauthorized trading and churning of the customer’s account. According to the claim, the customer’s account had been overconcentrated in mutual funds and commons stocks. The claim also alleges breach of contract and breach of fiduciary duty. The customer incurred damages on investments in Buttonwood Funds, Genesis Opportunity Fund, Molycorp Inc., Amazon, Facebook and Apple.

On April 16, 2020, a different customer filed an investment related FINRA securities arbitration claim concerning Alagna’s activities where the customer sought $1,060,000.00 in damages based upon allegations that the customer had been sold a private placement through a stockbroker under Alagna’s supervision at Joseph Gunnar. FINRA Arbitration No. 20-01084. The claim alleges that the issuer declared bankruptcy following the customer’s purchase.

Alagna has been registered with Joseph Gunnar as a stockbroker since November 21, 1997 and registered as an investment adviser representative since October 26, 2018.