Rocco Roveccio of Staten Island New York a stockbroker registered with Alexander Capital L.P. has been barred from being a stockbroker or investment adviser or otherwise associating with any securities broker dealers or investment advisories according to a Securities and Exchange Commission (SEC) Order Instituting Administrative Proceedings supported by allegations that (1) Roveccio effected unauthorized trades in a customer’s account (2) Roveccio churned the customer’s investment portfolio (3) Roveccio made false or misleading statements and omissions concerning investments and (4) Roveccio’s investment recommendations were unsuitable for investors. In the Matter of Rocco Roveccio Administrative Proceeding File No. 3-19160 (May 6, 2019).
SEC noted in the Order that Roveccio was permanently enjoined from engaging in conduct violative of Securities Exchange Act of 1934 Section 10(b), Rule 10b-5, and Securities Act of 1933 Section 17(a). Securities Exchange Commission v. Rocco Roveccio et al. Civil Action No. 17-CV-7424 (PKC)(KHP) (S.D.N.Y. May 3, 2019). SEC alleged in a Complaint against Roveccio that he, inter alia, lacked a reasonable basis to recommend frequent in-and-out trades in customer accounts given customers’ circumstances, tolerance for risk, objectives for investing, and financial needs.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Roveccio is referenced in six customer initiated investment related disputes containing accusations of his misconduct during the period in which he was employed by securities broker dealers including Brookstone Securities, Alexander Capital L.P. and First Standard Financial. In fact, a customer initiated investment related arbitration claim regarding Roveccio’s conduct was resolved for $87,500.00 in damages founded on allegations that when Roveccio was associated with Brookstone Securities and Alexander Capital, Roveccio executed over-the-counter equities and options transactions that were inappropriate for the customer; breached his fiduciary duties; and effected unauthorized trades in the customer’s account.
Another customer filed an investment related arbitration claim involving Roveccio’s activities in which the customer requested $1,500,000.00 in damages based upon accusations that transactions failed to be suitable, and unauthorized trades were effected in the customer’s account when Roveccio was employed by First Standard Financial and Alexander Capital. FINRA Arbitration No. 18-01980 (May 24, 2018). Roveccio is also the subject of a customer initiated investment related arbitration claim where the customer sought $26,000.00 in damages supported by allegations that during the time Roveccio was associated with First Standard Financial, the customer was charged commissions that were excessive; and stock trades were executed on an unsuitable and unauthorized basis. FINRA Arbitration No. 19-01842 (July 8, 2019).
Roveccio is also named in a customer initiated investment related arbitration claim in which the customer was awarded $45,995.28 in compensatory damages according to Roveccio being found liable on the customer’s claims of him, inter alia: failing to conduct due diligence prior to recommending investments; concealing commissions on trades he placed in the customer’s account; and churning of the customer’s investments to generate commissions for himself. FINRA Arbitration No. 17-03364 (July 10, 2019).
Roveccio was employed by First Standard Financial Company following his departure from Alexander Capital; however, he was terminated as of January 28, 2019. Roveccio has been associated with at fifteen broker dealers fourteen of which are either defunct or who have been expelled by securities regulators for violation of federal securities laws.
