Salvatore Pizzimenti of New York New York a stockbroker formerly registered with Worden Capital Management has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he chose not to cooperate with a FINRA investigation in which his trading of investor accounts was being reviewed for possible violations of FINRA rules. Letter of Acceptance Waiver and Consent No. 2019060753501 (June 11, 2021).
According to the AWC, on May 26, 2021, Pizzimenti was instructed by FINRA to testify in regard to his trading in customer accounts. On that day, the stockbroker’s legal counsel informed FINRA that Pizzimenti understood what was requested of him but would not testify at any point in FINRA’s investigation. Pizzimenti violated FINRA Rules 2010 and 8210 through his refusal to testify.
Pizzimenti has been referenced in five customer initiated investment related disputes containing allegations of his misconduct while employed by Pointe Capital, National Securities Corp, JP Turner Company and Worden Capital Management. FINRA Public Disclosure shows that a customer initiated investment related complaint regarding Pizzimenti’s conduct was resolved for $130,000.00 in damages based upon accusations of the customer’s instructions not being followed by Pizzimenti concerning the purchase of technology stocks for the customer’s Pointe Capital account.
Another customer initiated investment related FINRA securities arbitration claim regarding Pizzimenti’s activities was settled for $50,000.00 in damages founded on allegations that a contract was breached as it pertained to a private placement transaction that Pizzimenti executed when he was associated with National Securities Corporation. The claim alleges that Pizzimenti breached a fiduciary duty to the customer and made misrepresentations in reference to the private placement. According to the claim, the stockbroker’s excessive and unsuitable trading and his negligence all resulted in the customer’s losses.
Pizzimenti is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $240,000.00 in damages supported by accusations of unsuitable trading and purchases of private placements for the customer’s JP Turner account. According to the claim, the customer was charged excessive markdowns and markups on equity transactions. Their account was allegedly churned by the stockbroker at JP Turner. The claim also alleges breach of fiduciary duty.
Another customer initiated investment related FINRA securities arbitration claim involving Pizzimenti’s conduct was settled for $7,000.00 in damages based upon allegations that the customer’s account contained unsuitable investments because of Pizzimenti. According to the claim, Pizzimenti churned their equity portfolio at Pointe Capital.
Pizzimenti is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $89,887.74 in damages founded on accusations of unsuitable and excessive over-the-counter equities trades by Pizzimenti when he was associated with Worden Capital Management. FINRA Arbitration No. 21-00104 (Jan. 15, 2021). The claim alleges that Pizzimenti made misrepresentations to the customer regarding equities transactions between April of 2018 and October of 2019.
Pizzimenti’s registration with Worden Capital Management has been terminated as of December 16, 2019.