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.
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. We accept representation 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 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