Anthony Fusco of New York New York the Chief Executive Officer of Legend Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in FINRA’s investigation into accusations that he failed to supervise the firm’s brokers. Letter of Acceptance Waiver and Consent No. 20170549824-01 (Nov. 21, 2018).
According to the AWC, Legend Securities Inc. had been subject of FINRA’s investigation into allegations of bad trading practices having been committed by the firm’s representatives. Apparently, Fusco was the Chief Executive Officer of the firm during the period that the firm’s trading practices had been examined, so he was responsible for making sure that adequate supervisory measures were taken in regard to trading of securities in customer accounts. Fusco was tasked with ensuring that the firm’s supervision systems were reasonably designed to comply with FINRA rules and securities laws.
As part of the investigation, on October 1, 2018, Fusco was called upon by FINRA under Rule 8210 to provide recorded testimony about his activities at the firm. Yet, counsel for Fusco contacted FINRA on October 24, 2018 to confirm that Fusco would at no point be providing testimony for FINRA in the investigation into his possible misconduct. FINRA concluded that Fusco’s failure to cooperate in the investigation was violative of FINRA Rule 2010 and 8210. Accordingly, Fusco was barred from the securities industry.
This is not the first time that Fusco has been sanctioned by a regulator for misconduct. Specifically, he had been sanctioned by the Colorado Division of Securities according to a Stipulation and Consent Order containing findings that while Fusco was associated with Leiber & Weissman Securities, LLC, he conducted securities business without having been licensed in the State of Colorado. Case No. XY9903.
Legend Securities Inc. has been expelled from FINRA membership as of April 17, 2017 supported by accusations that the firm failed to pay a fine that FINRA assessed as a result of Letter of Acceptance Waiver and Consent No. 2010022592101 (Feb. 10, 2016) – a matter in which the firm consented to findings that, inter alia, the firm failed to supervise its securities transactions with a view towards compliance with Securities Act of 1933 Section 5. The firm found that the firm’s supervisory failures were violative of FINRA Rules 2010 and 3010(a) and (b).
Fusco’s registration with Legend Securities Inc. has been terminated as of January 5, 2017. Since April 3, 1996, Fusco has been associated with six different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
