Victor Carmine Sibilla, of Scottsdale, Arizona, a stockbroker currently registered with Westpark Capital, Inc., is the subject of a customer initiated investment related civil action brought in a state court in Salt Lake City, Utah, where the customer requested $108,400.00 in damages founded on accusations that Sibilla effected the customer’s private placement transaction even though Sibilla was not licensed to conduct securities transactions in the state. Civil Action No. 170903979 (June 26, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sibilla is the subject of five more customer initiated investment related disputes pertaining to accusations of Sibilla’s wrongdoing during the time that he was employed with Scottsdale Capital Advisors, Sterling Financial Investment Group, Inc., Joseph Charles & Associates, Inc., Source Capital Group and Westpark Capital.
Specifically, a customer was awarded $230,000.00 in damages according to an investment related arbitration claim involving Sibilla’s misconduct, based upon findings that Sibilla made misrepresentations and omissions to the customer, breached his fiduciary and contractual duties, effected excessive and unsuitable trades in the customer’s account, negligently handled the customer’s investment portfolio, churned the customer’s assets, and committed fraud. National Association of Securities Dealers (NASD) Arbitration No. 97-05895 (Sept. 30, 1998). Joseph Charles & Associates, Inc. was additionally found liable for failing to supervise Sibilla’s activities involving the customer.
Thereafter, a customer initiated investment related arbitration claim involving Sibilla’s conduct was settled for $180,000.00 in damages based upon allegations of failure to supervise, failure to execute orders, excessive trading, suitability, unauthorized trading, misrepresentation and fraud. NASD Arbitration No. 97-05112 (Nov. 15, 1998). Subsequently, a customer initiated investment related arbitration claim relating to Sibilla’s activities was resolved for $55,000.00 in damages supported by accusations that Sibilla effected over-the-counter equity transactions in the customer’s account that were not suitable, and churned the customer’s investment portfolio. NASD Arbitration No. 03-08510 (July 27, 2005).
On June 24, 2013, another customer filed an investment related written complaint regarding Sibilla’s activities, in which the customer sought $175,000.00 in damages based upon allegations that Sibilla made misrepresentations to the customer concerning private placement and over-the-counter equity transactions. Further, a customer initiated investment related arbitration claim pertaining to Sibilla’s conduct was settled for $30,000.00 in damages founded on accusations that Sibilla traded excessively in the customer’s account, effected unsuitable transactions, and did not appropriately utilize the customer’s margin. FINRA Arbitration No. 13-03095 (Dec. 5, 2014).
Since January 11, 1988, Sibilla has been associated with nine different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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