Joseph Albert Ambrosole, of New York, New York, a stockbroker formerly registered with Joseph Stone Capital LLC, is identified in a customer initiated investment related written complaint on July 30, 2021, where the customer sought $853,231.33 in damages founded on accusations of unsuitable trading of over-the-counter equities by Ambrosole between February of 2021 and May of 2021 when he was registered with Joseph Stone Capital.
FINRA Public Disclosure shows that Ambrosole has been identified in two additional customer initiated investment related disputes regarding allegations of his misconduct while employed by Global Arena Capital Corp. On March 28, 2019, a customer initiated investment related FINRA securities arbitration claim concerning Ambrosole’s activities was resolved for $54,900.00 in damages supported by accusations of Ambrosole churning and overconcentrating the customer’s account in leveraged exchange-traded funds during the time that he was employed by Global Arena Capital Corp. FINRA Arbitration No. 18-01555. According to the claim, the customer was sold unsuitable alternative investments by Ambrosole.
Ambrosole is the subject of a different customer initiated investment related FINRA securities arbitration claim which was settled for $10,000.00 in damages supported by allegations of breach of contract and breach of fiduciary duty concerning Ambrosole’s over-the-counter equities trading at Global Arena Capital Corp. FINRA Arbitration No. 18-02590. The claim alleges negligence and fraud.
Ambrosole has also been sanctioned by FINRA on two occasions. He was fined $5,000.00 and suspended for one month from associating with any FINRA member in any capacity based on findings that he effected unsuitable trades resulting in losses on unit investment trusts while he was associated with Meyers Associates. Letter of Acceptance, Waiver, and Consent No. 2015047839902 (February 15, 2017). Ambrosole violated FINRA Rule 2010.
The stockbroker was fined $5,000.00 and suspended for six months from associating with any FINRA member in any capacity based upon findings of his unsuitable and excessive trading when he was registered with Joseph Stone Capital. Letter of Acceptance, Waiver, and Consent No. 2019061947601 (April 7, 2021). Ambrosole caused customers of Joseph Stone Capital to pay $147,031.50 in trading costs and commissions. Ambrosole violated FINRA Rules 2010 and 2111 for unsuitable and excessive trading.
Ambrosole was registered with Joseph Stone Capital between November 9, 2017, and June 29, 2021.
