Nicholas James Schiano of New York, New York, a stockbroker registered with Spartan Capital Securities LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $350,343.10 in damages based upon allegations that Schiano churned the customer’s account, made unsuitable investment recommendations, breached his fiduciary duties, made misrepresentations, and engaged in unauthorized trading, while unsupervised at Spartan Capital Securities. FINRA Arbitration No. 21-02950 (Dec. 10, 2021).
FINRA Public Disclosure shows that Schiano is referenced in seven (7) other customer initiated investment related disputes concerning Schiano’s conduct while associated with securities broker dealers, including Spartan Capital Securities LLC. On January 28, 2020, a customer initiated investment related FINRA securities arbitration claim involving Schiano’s conduct was settled for $14,000.00 in damages based upon allegations that Schiano made unsuitable recommendations and misrepresentations relating to the recommendation and sale of investments during the time that Schiano was associated with Spartan Capital Securities LLC. FINRA Arbitration No. 19-03740.
On August 14, 2020, a FINRA securities arbitration claim involving Schiano’s conduct was settled for $7,499.99 in damages based upon allegations that Schiano made unsuitable transactions, overconcentrated the customer’s account, and made excessive transactions in connection with the recommendation and sale of investments when Schiano was associated with Legend Securities Inc. FINRA Arbitration No. 20-01325.
Schiano is also referenced in a FINRA securities arbitration claim in which the customer requested $414,744.00 in damages based upon allegations that Schiano made unsuitable transactions, breached a fiduciary duty, breached a contract, and made misrepresentations with regard to the recommendation and sale of over-the-counter equities and common stocks and preferred stocks when Schiano was associated with Worden Capital Management LLC. FINRA Arbitration No. 20-00801 (Dec. 23, 2020).
On September 16, 2021, a FINRA securities arbitration claim involving Schiano’s conduct was settled for $5,000.00 in damages based upon allegations that Schiano made unsuitable transactions, charged the customer excessive commissions, and churned the customer’s account concerning the recommendation and sale of common stocks and preferred stocks during the time that Schiano was associated with Worden Capital Management LLC. FINRA Arbitration No. 21-00915.
Nicholas Schiano was associated with Worden Capital Management LLC in New York, NY, as a stockbroker from November 4, 2016 to September 7, 2017. Schiano has been associated with Spartan Capital Securities LLC in New York, NY, as a stockbroker since August 15, 2017.
