Joseph Louis Derrico of Staten Island New York a stockbroker formerly employed by Woodstock Financial Group has been fined $5,000.00 and required to pay $101,324.39 in restitution according to a State of Montana Securities Division Order based on accusations of (1) excessive and unauthorized equity trades being effected by Derrico in accounts of Woodstock Financial Group customers and (2) Derrico engaging in fraudulent activities. Case No. SEC-2017-80 (Jan. 11, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Derrico has been identified in three customer initiated investment related disputes that concern allegations of his misconduct during the period that he was associated with International Assets Advisory, Newbridge Securities Corp and Woodstock Financial Group. Particularly, a customer initiated investment related arbitration claim concerning Derrico’s conduct was resolved for $58,750.00 in damages based upon accusations that Derrico executed the liquidation of the customer’s stock positions without the customer’s permission when Derrico was employed by Newbridge Securities Corp.
On January 26, 2017, a customer filed an investment related complaint involving Derrico’s conduct where the customer sought $63,000.00 in damages supported by allegations that when Derrico was associated with Woodstock Financial Group, unauthorized trades were effected in the customer’s account; investment instructions had been disregarded; and the customer’s over-the-counter equities poorly performed.
Moreover, Derrico is the subject of a customer initiated investment related arbitration claim in which the customer requested $76,039.00 in damages founded on accusations that while Derrico was employed by International Assets Advisory LLC, common or preferred stock trades were executed in the customer’s account in an excessive manner; investment recommendations made to the customer failed to be suitable; the customer’s assets were over-concentrated in over-the-counter equities; and unauthorized trades had been effected in the customer’s account. FINRA Arbitration No. 18-02431 (Oct. 9, 2018).
Derrico has been registered with Woodstock Financial Group Inc. since July 15, 2015.
