Joseph Albert Ambrosole, of New York, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts on an unauthorized basis. Letter of Acceptance, Waiver and Consent, No. 2015047839902 (Feb. 15, 2012).
According to the AWC, in October of 2015, at which time Ambrosole was associated with Meyers Associates, L.P., he effected five trades in customer RF’s investment account on an unauthorized basis. Particularly, on October 13, 2015, four securities which RF owned were reportedly sold by Ambrosole in order to purchase a unit investment trust on RF’s behalf two days later. Yet, RF never approved of Ambrosole’s purchase of the unit investment trust, and RF ultimately sustained an investment loss as a result. FINRA found that Ambrosole’s conduct in this regard was violative of FINRA Rule 2010.
Ambrosole’s registration with Meyers Associates, L.P. was terminated on September 15, 2016. Since September 14, 2011, Ambrosole has been associated with five different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #Cockroach
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