William Christian Gennity (also known as Billy Gennity) of Staten Island New York a stockbroker formerly registered with First Standard Financial Company LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that the stockbroker failed to comply with a FINRA Arbitration Award in which he was found liable for breaching a fiduciary duty and for effecting unsuitable and unauthorized trades. FINRA Case No. 18-01386 (Aug. 8, 2019).
Gennity has already been barred from associating with any FINRA member in any capacity supported by allegations that the stockbroker neglected to respond to FINRA’s request for information about his activities. FINRA Case No. 2018057324501 (Apr. 1, 2019).
On March 4, 2019, Gennity was barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment advisor or otherwise associating with any securities broker dealer or investment adviser according to an Order founded on accusations that the stockbroker churned customer accounts. In the Matter of William C. Gennity Administrative Proceeding No. 3-19015.
SEC noted in the Order that it obtained a judgment against the stockbroker permanently enjoining him from violating Securities Exchange Act of 1934 Section 10(b) and SEC Rule 10b-5. SEC v. William C. Gennity et al. Civil Action No. 17-CV-7424 (S.D.N.Y. Mar. 1, 2019). SEC also noted that it charged Gennity in a 2017 Complaint with making investment recommendations that did not comport with customers’ investment profiles and which generated losses for customer accounts. The Complaint also alleges that trades were effected by the stockbroker without permission from customers and that the customers’ accounts had been churned. Information relating to customers’ investments was also misrepresented and concealed by the stockbroker according to the regulator.
FINRA Public Disclosure reveals that Gennity has been referenced in eight customer initiated investment related disputes concerning accusations of his improprieties while associated with First Standard Financial Company. On August 2, 2018, a customer initiated investment related arbitration claim in reference to Gennity was resolved for $75,000.00 in damages based upon accusations of churning and the breach of a fiduciary duty by Gennity while registered with First Standard Financial Company. FINRA Arbitration No. 17-01783. On December 3, 2018, a customer filed an investment related arbitration claim involving Gennity’s conduct in which the customer requested $90,198.00 in damages based upon allegations of the stockbroker making excessive and unsuitable stock trades in the customer’s First Standard Financial Company account. FINRA Arbitration No. 18-04014.
Gennity is additionally referenced in a customer initiated investment related arbitration claim where the customer sought $380,000.00 in damages founded on accusations of trades being executed without the customer’s knowledge or consent during the time that Gennity was employed by First Standard Financial Company. FINRA Arbitration No. 19-00416 (Feb. 15, 2019). The claim also alleges that Gennity’s stock trades were excessive and failed to be suitable for the customer.
On May 15, 2019, another customer initiated investment related arbitration claim pertaining to Gennity’s conduct resulted in the customer being awarded $2,404,376.97 in compensatory damages supported by Gennity being found liable for causing the customer’s losses. FINRA Arbitration No. 18-01386. According to the claim, a fiduciary duty that was owed to the customer by Gennity had been breached. Transactions were facilitated in the customer’s account on an unsuitable and unauthorized basis. Gennity overconcentrated the customer’s assets in securities including Global Star, Energous, Advanced Micro Devices and Adamis Pharmaceuticals.
Gennity’s employment with First Standard Financial Company was terminated on November 2, 2018.
