Securities Arbitration Investment Fraud Lawyers » Misappropriation of Funds » FINRA Sanctions Arive Capital Stockbroker For Excessive Trading

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Robert Anthony Guidicipietro (also known as Robert A. Peters), of Bay Ridge, New York, a stockbroker formerly registered with Arive Capital Markets, has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Guidicipietro made excessive and unsuitable trades in a customer’s account when he was employed by Arive Capital Markets. Letter of Acceptance, Waiver, and Consent No. 2020068312201 (November 29, 2021).

According to the AWC, from January of 2019 to November of 2019, Guidicipietro executed excessive and unsuitable trades at Arive Capital Markets. Guidicipietro made these transactions in the accounts of a 78-year-old retiree who was a conservative investor and only maintained limited investment knowledge.

The AWC states that the customer was advised by Guidicipietro to effect 56 trades using margin. The customer went along with Guidicipietro’s recommendations. This led them to pay fees and commissions amounting to $35,219.74, resulting in a cost-to-equity ratio exceeding 34 percent. FINRA states that the customer needed to generate 34 percent returns to avoid losses.

The regulator also states that the customer had an average month-end-equity of $140,000.00, but Guidicipietro recommended securities purchases with a principal value of $1,120,000.00. The customer’s account contained a turnover rate exceeding eight due to acting on Guidicipietro’s recommendations. The AWC states that the customer incurred $35,000.00 in losses. Guidicipietro violated FINRA Rules 2010 and 2111 by making unsuitable recommendations to the customer.

This is not the first time Guidicipietro has been sanctioned by a regulator. He was issued a Cease-and-Desist Order by Missouri Secretary of State following allegations of Guidicipietro making unauthorized trades in customer accounts, committing fraud, and failing to execute sell orders.

Guidicipietro has been identified in six customer initiated investment related disputes concerning accusations of his wrongdoing when he was employed by securities broker dealers, including State Street Capital Markets Corp, JP Turner Company, and Aegis Capital Corp. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim regarding Guidicipietro’s conduct was settled for $20,000.00 in damages based upon allegations of breach of fiduciary duty, breach of contract, and fraud because of Guidicipietro’s warrants transactions while he was registered with State Street Capital Markets Corp. The claim also alleges negligence and unauthorized transactions by the stockbroker.

Guidicipietro is also the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $8,400.00 in damages according to Guidicipietro and JP Turner Company being found liable on the customer’s causes of action, including unauthorized trading and negligence.

Another customer initiated investment related FINRA securities arbitration claim involving Guidicipietro’s activities was resolved for $14,999.00 in damages supported by accusations that Guidicipietro made misrepresentations regarding investment transactions. FINRA Arbitration No. 17-00477 (September 25, 2017). According to the claim, Guidicipietro provided unsuitable recommendations to the customer during the time that he was associated with Aegis Capital Corp. The claim also contains allegations of breach of fiduciary duty and fraud.

Guidicipietro is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $36,272.00 on September 6, 2018, founded on accusations of Guidicipietro failing to follow the customer’s instructions at Aegis Capital Corp concerning a stop loss, resulting in damages.

Guidicipietro was registered with Aegis Capital Corp between November 20, 2012, and December 7, 2018, and Arive Capital Markets between December 12, 2018, and January 3, 2020. Since January 3, 2020, he has been registered with Alexander Capital LP.