John Joseph Stapleton of Garden City New York a stockbroker currently registered with Spartan Capital Securities is the subject of a customer initiated investment related arbitration claim in which the customer sought $25,445.00 in damages supported by accusations that the customer received unsuitable investment recommendations and had purchased securities that were misrepresented while Stapleton was associated with Spartan Capital. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03740 (Jan. 28, 2020).
Stapleton has been identified in three additional customer initiated investment related disputes involving allegations of his wrongful actions during the time that he was registered with Craig Scott Capital, Spartan Capital Securities, JHS Capital Advisors and Continental Broker-Dealer Corp. FINRA Public Disclosure confirms that a customer initiated investment related complaint involving Stapleton’s conduct was resolved for $23,000.00 in damages based upon accusations that the customer had not been provided with adequate information relating to over-the-counter equities and options that were held in the customer’s account. According to the claim, risks of an investment strategy had been misrepresented by the stockbroker.
Stapleton has also been referenced in a customer initiated investment related arbitration claim which was settled for $250,000.00 in damages founded on allegations of the JHS Capital Advisors customer being sold over-the-counter equities that were in no way suitable for the customer. The claim also alleges that misrepresentations had been made by the stockbroker and that unauthorized transactions were effected in the customer’s account.
Stapleton is the subject of another customer initiated investment related arbitration claim where the customer was awarded $20,600.00 in damages based on Stapleton being found liable on the customer’s claims of unsuitable GRPN common stock transactions which led the customer to experience losses. FINRA Arbitration No. 16-03645 (Oct. 2, 2017). According to the claim, the customer’s account was overconcentrated in speculative investments. Other causes of action included breach of contract and negligence by the stockbroker. The claim also alleges that a fiduciary duty that was owed to the customer had been breached.
Stapleton has also been fined $10,000.00 and suspended by National Association of Securities Dealers (NASD) from associating with any NASD member in any capacity supported by findings that Stapleton defrauded a customer during the time that he was associated with Continental Broker-Dealer Corp. According to the Decision, Stapleton executed transactions on an excessive basis in the customer’s account. The regulator also found that Stapleton provided unsuitable investment recommendations to the customer given the frequency and size of the transactions that were executed in the customer’s account.
Stapleton has been registered with Spartan Capital Securities since November 4, 2015. Since May 6, 1997, he has been associated with eight different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.