Patrick Anthony Perugino II (also known as Pat Perugino) of New York, New York, a stockbroker formerly registered with Spartan Capital Securities LLC, has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Perugino engaged in unauthorized trading. Letter of Acceptance, Waiver, and Consent No. 2020067464701 (December 5, 2022).
According to the AWC, from December of 2016 to August of 2021, 183 trades were effected by Perugino in four customers’ accounts. The customers collectively held accounts at David Lerner Associates Inc., Spartan Capital Securities Inc., and Craft Management LLC. FINRA states that Perugino was not allowed to exercise discretion at Spartan Capital Management or David Lerner Associates Inc. Craft Management LLC only permitted discretionary trading during the period that both customers and the firm approved, but Perugino never disclosed his handling of discretionary accounts to Craft Management LLC. Therefore, Perugino violated FINRA Rules 2010 and 3260(b) and NASD Rules 2510(b).
FINRA Public Disclosure shows that Perugino has been referenced in two customer initiated investment related disputes concerning Perugino’s conduct. On April 1, 2020, a customer filed an investment related complaint involving Perugino’s conduct in which the customer requested $50,000.00 in damages based upon allegations that Perugino engaged in potentially fraudulent activity in the customer’s account during the time that Perugino was associated with Spartan Capital Securities LLC.
Perugino was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $6,427.27 in compensatory damages because Perugino was held liable for sales practice violations. FINRA Arbitration No. 20-03814 (July 16, 2021). The Statement of Claim alleged that Perugino breached his fiduciary duties and engaged in unauthorized trading in DIG and SOAEX stocks when Perugino was associated with David Lerner Associates Inc.
Perugino was associated with David Lerner Associates Inc. in Westport, CT, as a stockbroker from July of 2016 to November of 2017. On November 16, 2017, David Lerner Associates Inc. discharged Perugino based upon allegations that Perugino engaged in unauthorized trading.
Perugino was associated with Spartan Capital Securities LLC in New York, New York, as a stockbroker from January of 2018 to October of 2020, and has been associated with Craft Capital Management LLC in Garden City, New York, as a stockbroker since September 18, 2020.
