Joseph Michael Fedorko Jr., of Greenwich, Connecticut, a stockbroker registered with Laidlaw Company Ltd., has been fined $7,500.00 by Connecticut’s Banking Commissioner because Fedorko engaged in excessive and unauthorized trading and engaged in business as an unregistered investment adviser agent. Case No. CO-22-20225-S (May 17, 2022).
Fedorko has also been fined $7,500.00 and suspended for ten months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he engaged in excessive and unsuitable trading. Letter of Acceptance, Waiver, and Consent No. 2020066704601 (December 17, 2021). FINRA states that Fedorko effected 1,200 transactions in an elderly couple’s account between 2014 and 2019, resulting in $760,000.00 in markups and commissions but $1,100,000.00 in trading losses. The customers’ account contained an average annual turnover rate of 20.76 and an annualized cost-to-equity ratio of 26.73 percent. Therefore, Fedorko violated FINRA Rules 2010 and 2111.
FINRA Public Disclosure shows that Fedorko is referenced in nineteen (19) other customer initiated investment related disputes concerning Fedorko’s conduct while associated with securities broker dealers, including Laidlaw Company Ltd., which as of even date have collectively settled for more than $2,000,000.00. On November 25, 2014, a customer initiated investment related FINRA securities arbitration claim involving Fedorko’s conduct was settled for $120,000.00 in damages based upon allegations that Fedorko made unsuitable recommendations of stocks. FINRA Arbitration No. 14-00801.
On December 28, 2016, another FINRA securities arbitration claim involving Fedorko’s conduct was settled for $23,000.00 in damages resulting from Fedorko’s recommendation and sale of oil and gas investments. FINRA Arbitration No. 16-02166.
Fedorko was also referenced in a FINRA securities arbitration claim that was settled for $125,000.00 in damages based upon allegations that Fedorko churned accounts and engaged in unauthorized and unsuitable trading in stocks. FINRA Arbitration No. 18-01736 (July 30, 2020).
On August 11, 2021, a FINRA securities arbitration claim involving Fedorko’s conduct was settled for $750,000.00 in damages based upon allegations that Fedorko churned accounts, engaged in unauthorized trading, and made unsuitable recommendations of stocks, over-the-counter equities, and private placements. FINRA Arbitration No. 20-01570.
Fedorko is also referenced in a FINRA securities arbitration claim in which the customer requested $950,000.00 in damages based upon allegations that Fedorko made unsuitable recommendations and overconcentrated accounts in certain investments in stocks, over-the-counter equities, and private placements. FINRA Arbitration No. 22-00568 (March 25, 2022).
Fedorko was associated with Laidlaw Company (UK) Ltd. in Greenwich, Connecticut, as a stockbroker from June of 2009 to December of 2021.
