Francesco Anthony Scarso, of New York, New York, a stockbroker formerly registered with PHX Financial Services, Inc., has been subject to a customer initiated investment related arbitration claim from November 23, 2015, which settled for $12,500.00 in damages based upon allegations that Scarso had effected an options transaction in the customer’s investment account which had not been authorized by the customer.
FINRA Public Disclosure reveals that Scarso has been subject to nine additional customer arbitrations. On September 22, 1997, and October 9, 1997, customers filed investment related arbitration claims involving Scarso’s actions, in which customers alleged that Scarso had effected unauthorized purchases of investments in the customers’ accounts.
On January 25, 2005, a customer filed an investment related arbitration claim involving Scarso’s actions, in which the customer requested $29,446,50 in damages based upon allegations that Scarso effected transactions in the customer’s account which were not authorized, and that Scarso charged the customer with excessive commissions.
On April 18, 2005, another customer filed an investment related arbitration action, in which the customer requested $12,250.00 in damages based upon allegations that Scarso did not follow the customer’s instructions to execute a stop loss order on an investment. An additional customer filed an investment related arbitration claim involving Scarso’s conduct on May 17, 2005, based upon allegations that Scarso utilized the customer’s margin account without authorization.
Further, on June 18, 2009, a customer initiated investment related arbitration action concerning Scarso’s activities was resolved for $1,900.00 in damages based upon allegations that Scarso failed to implement a stop loss order. On July 25, 2010, a customer initiated an investment related arbitration claim, in which the customer requested $5,000.00 in damages based upon allegations that Scarso was responsible for the customer’s poor investment performance.
On November 10, 2016, Scarso was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after FINRA held that Scarso did not respond to FINRA’s request for information or documentation.
Scarso’s registration with PHX Financial ended in December of 2015. Since such time, he has been registered with First Standard Financial Company, LLC. Since 1996, Scarso has been associated with thirteen different broker dealers, nine of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
Guiliano Law Group
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