Joseph Louis Derrico, of Staten Island, New York, a stockbroker currently registered with Woodstock Financial Group, Inc., has been named in a regulatory investigation by the State of Montana Securities Division on February 1, 2017, based upon a customer’s complaint referencing Derrico’s misconduct in connection with over-the-counter equity transactions effected in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that Derrico was named in a customer initiated investment related written complaint on January 26, 2017, in which the customer requested $63,000.00 in damages based upon allegations that Derrico placed trades in the customer’s account without authorization, failed to abide by the customer’s investment based instructions, and was liable for the customer’s investment losses on over-the-counter equity holdings. Further, on December 16, 2008, a customer initiated investment related arbitration claim involving Derrico’s conduct was settled for $58,750.00 in damages based upon allegations that Derrico effected the unauthorize sale and purchase of stock in the customer’s account.
Since October 25, 2004, Derrico has been associated with seven different broker dealers, four of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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