Stephen Douglas Pizzuti, of Altamonte Springs, Florida, a stockbroker formerly registered with Merrimac Corporate Securities, Inc., is the subject of a customer initiated investment related written complaint, in which the customer sought $90,000.00 in damages based upon allegations that inappropriate equity and direct investment products were effected in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Pizzuti has been referenced in seven additional customer initiated investment related disputes containing allegations of his wrongdoing while employed with Allen Douglas Securities, Inc. and Corporate Securities Group, Inc. Specifically, a customer initiated investment related arbitration claim regarding Pizzuti’s activities was resolved for $4,500.00 in damages supported by accusations of the failure to supervise a stockbroker who mismanaged a customer’s equity portfolio and executed unauthorized trades. National Association of Securities Dealers (NASD) Arbitration No. 00-00762 (Mar. 26, 2001).
Another customer initiated investment related arbitration claim involving Pizzuti’s conduct was settled for $250,000.00 in damages founded on allegations that Pizzuti negligently handled the customer’s investment account, and breached his fiduciary and contractual duties concerning the customer’s equity portfolio. (NASD) Arbitration No. 02-02587 (May 2, 2002).
Additionally, Pizzuti has been sanctioned three times by regulators for misconduct. Specifically, Pizzuti was fined $10,000.00 by the state of Florida, Department of Banking and Finance, based upon allegations that while Pizzuti was associated with Allen Douglas Securities, Inc., he failed to establish and implement supervisory procedures to prevent a stockbroker from churning customers’ accounts and effecting unsuitable transactions. Case Nos. 2851-S-9/99; 2851B-S-9/99; 2851C-S-9/99 (Nov. 29, 1999).
Thereafter, he was fined $10,000.00 and suspended from associating with any FINRA member in any capacity according to an Order Accepting Offer of Settlement containing findings that whilePizzuti was the chief executive officer of Merrimac Corporate Securities, Inc., he failed to supervise the private securities transactions and outside business activities of the firm’s stockbrokers; conduct violative of NASD Rules 2110 and 3010 as well as FINRA Rule 2010. Department of Enforcement v. Stephen Douglas Pizzuti, Disciplinary Proceeding No. 2009017195204 (Aug. 19, 2013).
Pizzuti was then fined $15,000.00 and suspended by FINRA according to an Order Accepting Offer of Settlement comprised of findings that Pizzuti, inter alia, communicated with the public about investing in a misleading fashion and failed to supervise the firm’s staff. Department of Enforcement v. Merrimac Corporate Securities, Inc., et al., Disciplinary Proceeding No. 2011027666902 (May 27, 2014).
Pizzuti’s registration with Merrimac Corporate Securities, Inc. was terminated on May 15, 2015. He was subsequently registered with Freedom Investors Corp. through March 31, 2017. Pizzuti has been associated with eight different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
