Roy Joseph Failla of Red Bank New Jersey a stockbroker formerly registered with First Standard Financial Company LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $26,000.00 in damages based upon allegations that (1) common and preferred stock trades effected by Failla failed to be suitable (2) transactions were executed without the customer’s knowledge or consent and (3) the customer had been charged excessive commissions on equity trades Failla effected during the period in which he was employed by First Standard Financial. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01842 (July 8, 2019).
FINRA Public Disclosure confirms that Failla is referenced in three additional customer initiated investment related disputes that concern accusations of his wrongdoing while he was employed by securities broker dealers including J.P. Turner Company LLC, Alexander Capital L.P. and First Standard Financial. Specifically, Failla is referenced in a customer initiated investment related complaint which was settled for $75,000.00 in damages supported by allegations that trades were unsuitable for the customer given the customer’s investment objectives, risk tolerance, or other investment related circumstances; false or misleading statements had been made about the investments Failla purchased or sold; fiduciary duties were violated; trades had been executed on an unauthorized and excessive basis; and the customer was defrauded as a result of Failla’s activities while registered with J.P. Turner Company LLC.
Another customer initiated investment related arbitration claim involving Failla’s activities was resolved for $40,000.00 in damages founded on accusations of misrepresentations being made about the customer’s investments; trades failing to be consistent with the customer’s goals or risk tolerance; and the stockbroker’s churning of the customer’s investment portfolio. Also, Failla is the subject of a customer initiated investment related arbitration claim which was settled for $200,000.00 in damages based upon allegations that trades effected by Failla failed to be suitable, and transactions were executed without the customer’s knowledge or consent when the stockbroker was associated with First Standard Financial and Alexander Capital L.P. FINRA Arbitration No. 18-01980 (October 7, 2019).
Failla’s employment with First Standard Financial has been terminated as of September 25, 2019. He has been registered with Arive Capital Markets since September 21, 2019.
