Brandon Joseph Vassallo, of Syosset, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim on May 18, 2016, where the customer sought $750,000.00 in damages based upon allegations that Vassallo charged excessive commissions, churned the customer’s investment portfolio, effected transactions in the that were not suitable, and utilized high pressure sales tactics to induce the customers’ over-the-counter equities transactions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Vassallo has been named in five more customer initiated investment related disputes containing allegations of his misconduct while employed with Legend Securities, Inc., New Castle Financial Services, LLC, Brookville Capital Partners, LLC, and Benson York Group.
Specifically, on February 1, 2012, a customer initiated investment related arbitration claim involving Vassallo’s conduct was settled for $25,000.00 in damages based upon allegations that he utilized the customer’s margin in an unauthorized manner, and effected unsuitable and excessive stock trades in the customer’s investment account. On June 25, 2012, another customer initiated investment related arbitration claim regarding Vassallo’s activities was resolved for $200,000.00 in damages based upon allegations that he traded over-the-counter equities on margin despite lacking the customer’s consent.
Further, on July 21, 2012, a customer initiated investment related arbitration claim concerning Vassallo’s conduct was resolved for $250,000.00 in damages based upon allegations that Vassallo made unsuitable investment recommendations to the customer concerning over-the-counter equities and private placement transactions effected in the customer’s investment portfolio. On March 8, 2016, another customer initiated investment related arbitration claim regarding Vassallo’s activities was resolved for $99,000.00 in damages based upon allegations against him of misrepresentation, over-concentration of the customer’s assets, breach of fiduciary duty, unauthorized trading, churning, and securities fraud in reference to stock transactions effected in the customer’s investment account.
FINRA Public Disclosure additionally reveals that Vassallo has been fined and suspended from associating with any FINRA member in any capacity based upon allegations that he did not communicate with FINRA as to whether he complied with the terms and conditions of a customer initiated investment related arbitration claim settlement or award referencing allegations of his wrongdoing. Letter No. 11-01462 (Sept. 16, 2013).
Vassallo was most recently registered with Cova Capital Partners from April 11, 2016, to January 23, 2017. Since March 8, 2004, he has been associated with eight different broker dealers, seven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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