Ronald Joseph Giovino Jr. of Clearwater Florida a stockbroker formerly registered with GWN Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to comply with FINRA’s request when he was investigated for conversion of customer funds at GWN Securities. Letter of Acceptance Waiver and Consent No. 2021070962701 (July 8, 2021).
According to the AWC, on April 23, 2021, information and documents were requested of Giovino when he was under a FINRA investigation for his possible misuse of customer funds in violation of FINRA Rule 2010. The regulator brought the investigation in response to a tip that it received through its senior helpline.
The AWC stated that Giovino responded to FINRA’s requests initially but he did not provide all information and documents requested of him. On June 4, 2021, Giovino was provided with a second opportunity to provide the regulator with what it asked for. But Giovino failed to comply.
Giovino’s lawyer phoned FINRA on June 29, 2021 to relay that the stockbroker would not cooperate further with FINRA’s requests. Giovino’s refusal to comply with FINRA resulted in the regulator finding him in violation of Rules 2010 and 8210.
Giovino has been identified in three customer initiated investment related disputes concerning allegations of wrongdoing while registered with GWN Securities. FINRA Public Disclosure discloses that a customer filed an investment related complaint involving Giovino’s activities where the customer requested $111,141.00 in damages based upon accusations of market loss, surrender charges and the loss of a living benefit because of Giovino’s annuity transactions through GWN Securities.
On August 28, 2019, another customer filed an investment related complaint concerning Giovino’s activities in which the customer sought $60,000.00 in damages founded on allegations that the customer had been advised by Giovino to do a rollover of their inherited individual retirement account. The customer allegedly experienced tax consequences because their transfer was disallowed.
On April 6, 2021, a different customer filed an investment related complaint regarding Giovino’s conduct where the customer requested compensation supported by accusations that Giovino breached a fiduciary duty to the customer in reference to a loan that he used to buy commercial property.
Giovino was discharged by GWN Securities on July 8, 2021 based upon allegations that Giovino did not comply with FINRA’s investigation regarding the stockbroker’s potential conversion of a customer’s funds.