Another bucketshop broker bites the dust.
John Buonocore, of New York, New York, a stockbroker with Meyers Associates, L.P., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he did not cooperate in a FINRA investigation into allegations of Buonocore’s trading abnormalities in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016050334201 (July 22, 2016).
According to the AWC, Meyers Associates notified FINRA on April 29, 2016, via Form U5, that it terminated by Meyers. A couple weeks later, on May 13, 2016, FINRA sent Buonocore a request to provide recorded testimony before FINRA, per Rule 8210, in connection with allegations that Buonocore’s irregular trading conduct possibly detrimentally affected Meyer’s customer base. FINRA expected Buonocore to provide recorded testimony on May 19, 2016, but Buonocore did not make an appearance.
The AWC stated that on June 9, 2016, FINRA’s personnel again reached out to Buonocore to request his recorded testimony, and scheduled such testimony to take place on June 27, 2016. Subsequently, Buonocore spoke with FINRA staff on June 9, 2016. Buonocore apparently informed FINRA that he would not be cooperating by providing recorded testimony at any point. FINRA found that Buonocore’s failure to cooperate in the investigation constituted violations of FINRA Rules 2010 and 8210, leading to his permanent bar.
Public disclosure records reveal that Buonocore has been subject to five disclosure incidents. On April 27, 2004, Buonocore settled a customer dispute for $58,000.00 after a customer alleged that Buonocore made unsuitable investment recommendations to the customer. Buonocore was named in a customer dispute on February 12, 2011, where a customer requested $58,000.00 in damages after alleging that trades were placed at higher costs than had been represented to the customer.
On July 15, 2014, Buonocore settled a customer dispute for $315,000.00 after a customer alleged Buonocore engaged in churning and that unsuitable investments were selected. On May 3, 2015, Buonocore became subject to a pending customer dispute containing allegations of unsuitable investments and churning, where such customer is requesting $125,000.00 in damages. Prior to his association with Meyers Associates, Buonocore was associated with at least eight other defunct bucketshops, some of whiach have been previously expelled by regulators.
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