Sica Wealth Management Sued For Unsuitability

Jeffrey Carmen Sica, of Parsippany, New Jersey, a registered representative associated with Sica Wealth Management, has been named in a customer initiated investment related arbitration claim, which settled on April 27, 2015, for $211,250.00 in damages based upon allegations that Sica effected unsuitable stock and exchange traded fund (ETF) transactions in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sica has been named in eleven additional customer initiated investment related disputes containing allegations of Sica’s misconduct while employed with Sica Wealth Management, LLC, Wells Fargo Advisors, LLC, Wachovia Securities, LLC, and A.G. Edwards & Sons, Inc. Particularly, on January 29, 2001, a customer initiated investment related written complaint involving Sica’s conduct was settled for $210,000.00 in damages based upon allegations that Sica did not place stop loss orders on the customer’s over-the-counter equity positions pursuant to the customer’s instructions.
On January 22, 2002, a customer initiated investment related written complaint regarding Sica’s activities was resolved for $10,500.00 in damages based upon allegations that Sica effected unauthorized stock purchases in the customer’s account. Additionally, on February 24, 2005, a customer was awarded $179,468.00 in damages according to an investment related arbitration claim involving Sica’s misconduct, based upon allegations including fraud, unauthorized trading, breach of contract, breach of fiduciary duty, negligence, and misrepresentation and omissions concerning over-the-counter equity transactions.
On March 18, 2003, another customer initiated investment related arbitration claim regarding Sica’s activities was resolved for $255,000.00 in damages based upon allegations that Sica breached his contractual and fiduciary duties, negligently managed the customer’s investments, effected stock transactions in the customer’s account which were not suitable for the customer, and misrepresented equity products to the customer. Further, on May 3, 2012, a customer initiated investment related arbitration claim involving Sica’s conduct was settled for $1,000,000.00 in damages based upon allegations that Sica misstated the status of the customer’s REFCO S&P Managed Futures Index Fund, wherein the investments were frozen pursuant to a bankruptcy stemming from a fraud perpetrated by REFCO principals.
Moreover, on November 5, 2014, a customer initiated investment related arbitration claim regarding Sica’s activities was resolved for $237,500.00 in damages based upon allegations that Sica effected stock and exchange traded fund trades in the customer’s account on an excessive and unsuitable basis. Subsequently, on January 12, 2015, a customer initiated investment related arbitration claim involving Sica’s conduct was settled for $315,000.00 in damages based upon allegations that Sica breached his fiduciary obligations to the customers and effected unsuitable transactions in the customers’ accounts concerning oil and gas products, options and exchange traded funds.
Additionally, on April 28, 2015, a customer was awarded $62,932.50 in damages according to an investment related arbitration claim involving Sica’s misconduct, based upon allegations that Sica effected real estate security and oil and gas transactions in the customer’s account that were not suitable for the customer. Subsequently, on March 30, 2015, a customer initiated investment related arbitration claim involving Sica’s conduct was settled for $220,000.00 in damages based upon allegations that Sica effected unsuitable exchange traded fund transactions in the customer’s managed investment account.