Joseph Francis Valdini of Melville New York a stockbroker formerly registered with Worden Capital Management LLC is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $1,000,000.00 in damages supported by accusations of fraud and negligent supervision pertaining to Valdini’s over-the-counter equities transactions at Worden Capital Management LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00526 (Feb. 14, 2020).
According to the complaint, the stockbroker’s negligence and breach of contract resulted in damages. Misrepresentations and omissions had allegedly been made by the stockbroker concerning transactions. The claim also alleges breach of fiduciary duty and the violation of New York Consumer Protection Act. The customer also indicated that Valdini churned the customer’s account.
FINRA Public Disclosure reveals that Valdini has been identified in two additional customer initiated investment related disputes concerning allegations of his misconduct during the period that he was associated with Worden Capital Management. On January 27, 2016, a customer initiated investment related complaint concerning Valdini’s activities was settled for $28,125.60 in damages founded on accusations of unauthorized trading of stock by Valdini while registered with Worden Capital Management. The complaint alleges that the customer experienced losses following margin call sellouts.
Valdini has also been referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $79,000.00 in damages based upon allegations that there was a breach of contract and breach of fiduciary duty by the stockbroker concerning the customer’s stock and over-the-counter equities holdings. FINRA Arbitration No. 16-00216 (May 10, 2016). According to the claim, the securities broker dealer violated New Jersey Uniform Securities Law.
Valdini has been barred from associating with any FINRA member in any capacity supported by accusations that he refused to comply with FINRA’s request for information. Case No. 2017052731101 (Dec. 18, 2017). Valdini was suspended by the regulator after neglecting to respond to a request for his information. This request came after Valdini was terminated by Worden Capital Management for unauthorized trading and after both customers filed disputes alleging sales practice violations. The stockbroker was provided until December 17, 2017 to resolve that suspension. He failed to cooperate which resulted in him being automatically barred by the regulator.
Since October 11, 2011, Bessler had been registered with LPL Financial as a stockbroker and investment adviser representative. He has been associated with seven different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.