Troy Allen Orlando, a stockbroker from New York, New York, who was last associated with Craft Capital Management LLC, faced regulatory action initiated by Financial Industry Regulatory Authority (FINRA) resulting in Orlando being permanently barred from associating with any FINRA member in all capacities. The bar, effective November 20, 2024, followed Orlando’s refusal to provide testimony during an investigation into the suitability of certain investment recommendations at Craft Capital Management. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023077024401.
On October 14, 2024, FINRA requested that Orlando appear for testimony as part of its examination into practices at Craft Capital Management. This investigation stemmed from allegations regarding the appropriateness of investment recommendations made to hius customers. Orlando, through his counsel, acknowledged receipt of the request but informed FINRA on October 28, 2024, that he would not comply. This refusal violated FINRA Rule 8210, which mandates cooperation with regulatory inquiries, and FINRA Rule 2010, which requires maintaining high standards of commercial honor and just principles of trade.
Prior to this bar, Orlando had consented to sanctions detailed in AWC No. 2019060753505, where FINRA found that he willfully violated the Best Interest Obligation under Regulation BI of the Securities Exchange Act of 1934. From January 2018 to November 2020, during his tenure at Spartan Capital Securities LLC, and Worden Capital Management LLC, Orlando was found to have engaged in excessive, unsuitable, and high-frequency trading practices in five customers’ accounts. The trades, which were not in the customers’ best interest, resulted in total trading costs of $231,798.00, including $164,897.00 in commissions, and caused $198,450.00 in realized losses. FINRA imposed a 20-month suspension from December 4, 2023, to August 3, 2025, and ordered Orlando to pay restitution of $58,082.50 to two affected customers.
Orlando’s regulatory history also includes multiple customer initiated investment related arbitration claims. In one instance, FINRA Arbitration No. 19-03740 was filed with FINRA Dispute Resolution on December 19, 2019, involving allegations of negligence, breach of fiduciary duty, and unsuitable recommendations while Orlando was associated with Spartan Capital Securities LLC. The customer sought $51,650.00 in damages. This case was settled on February 22, 2022, for $1,000.00, with Orlando contributing $600.00 to the settlement. He contested the allegations, stating that the losses were largely incurred before he inherited the account.
Another arbitration claim, Case No. 19-01393, was filed on July 5, 2019, involving allegations of unauthorized trades and margin use during Orlando’s time at Spartan Capital Securities LLC. The customer sought $40,002.10 in damages. The case was settled on November 18, 2019, for $17,587.00, with Orlando fully covering the settlement amount. In his statement, Orlando cited the high cost of arbitration proceedings as the reason for settling without admitting liability.
Orlando’s professional career spanned 11 years across six firms, including Craft Capital Management LLC, Spartan Capital Securities LLC, and Worden Capital Management LLC. His most recent association with Craft Capital Management ended on November 15, 2023, when the firm filed a termination notice indicating his resignation.
