Thomas J. Tedeschi, of Farmingdale, New York, a stockbroker with Salmon Whitney Financial, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after FINRA found that Tedeschi failed to abide by a settlement agreement or arbitration award in connection with a customer dispute.
In late 2015, the FINRA Arbitration Task Force Report issued a report that shows that of the 539 FINRA arbitration awards made 2013, with 75 of those awards went unpaid, for a total of $62.1 million. The majority of the unpaid awards were against brokerage firms or associated persons no longer registered in the industry. See also, Unpaid Arbitration Awards, A problem The Industry Created – A Problem The Industry Must Fix.
FINRA Public Disclosure records reveal that on January 27, 2015, Tedeschi settled a customer dispute for $60,000.00 in damages after a customer alleged that Tedeschi effected purchases in the customer’s account without having proper authorization. Tedeschi previously settled a customer dispute for $24,990.00 amid allegations against Tedeschi of churning the customer’s account, failing to supervise, effecting unauthorized trades in the customer’s account, making unsuitable investment recommendations, and committing fraud.
On July 7, 1998, Tedeschi was subject to a customer dispute in which the customer requested $10,500.00 in connection with allegations that Tedeschi, as a registered representative with National Securities Corporation, effected trades in the customer’s account which were unauthorized.
On March 9, 1998, a customer was awarded $5,695.00 in damages amid allegations against Tedeschi of unauthorized trading in the customer’s account, and making misrepresentations to the customer regarding investments. On January 6, 1996, a customer was awarded $18,145.00 in damages per a customer dispute against Tedeschi containing allegations against Tedeschi of making misrepresentations to the customer.
Guiliano Law Group
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