Louis Joseph Pellegriti, of New York, New York, a stockbroker registered with Spartan Capital Securities LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $500,000.00 in damages based upon allegations that Pellegriti breached his fiduciary duties, engaged in churning, made misrepresentations of material fact, engaged in unauthorized trading, and made unsuitable recommendations in stocks and private placements. FINRA Arbitration No. 21-02950 (October 21, 2023).
FINRA Public Disclosure shows that Pellegriti is referenced in four other customer initiated investment related dispute concerning Pellegriti’s conduct while associated with securities broker dealers. On July 8, 2013, a customer filed an investment related complaint involving Pellegriti’s conduct in which the customer requested $16,097.00 in damages based upon allegations that Pellegriti misrepresented facts about the purchase of 65 shares of AAPL during the time that Pellegriti was associated with Joseph Gunnar Co. LLC. The customer was led to believe a split on the stock was to occur. The complaint was closed with no further action taken by the customer.
On March 14, 2022, a customer initiated investment related FINRA securities arbitration claim involving Pellegriti’s conduct was settled to resolve allegations that Pellegriti made unsuitable recommendations, breached his fiduciary duties, and was negligent in connection with the sale of alternative investments and stocks when Pellegriti was associated with Spartan Capital Securities LLC. FINRA Arbitration No. 21-00020.
Pellegriti was also the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $13,025.90 in compensatory damages because Pellegriti was held liable for sales practice violations. FINRA Arbitration No. 22-02719 (June 9, 2023). The Statement of Claim alleged that Pellegriti engaged in churning, made unsuitable recommendations, breached his fiduciary duties, and engaged in unauthorized trading during the time that Pellegriti was associated with Spartan Capital Securities LLC. On September 12, 2023, Pellegriti was suspended from associating with any FINRA member in any capacity based upon allegations that he failed to pay the award.
Pellegriti was associated with Spartan Capital Securities LLC in New York, New York from August 15, 2017, to January 8, 2019.
