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Craig Taddonio Named in FINRA Complaint

Craig TaddonioThe securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against New York-based Craig Scott broker Craig Taddonio (CRD# 4773787).

Craig Taddonio has spent eleven years in the securities industry and has been registered with Craig Scott Capital in Uniondale, New York since 2012. Previous registrations include Brookstone Capital in Uniondale, New York (2010-2012); JHS Capital Advisors in Bethpage, New York (2005-2010); and Gunnallen Financial in New York, New York (2004-2005). He is a registered broker with 25 US states and territories.

According to his BrokerCheck report, Craig Taddonio is the subject of two customer complaints, one pending customer complaint, and one pending regulatory action.

In December 2015 Craig Taddonio was named respondent in a FINRA complaint alleging “he failed to establish, maintain and enforce a reasonable supervisory system, including WSPs, to prevent excessive trading and churning in customer accounts by brokers of his member firm.” According to FINRA, Mr. Taddonio “did little to nothing to ensure that the firm brokers were making recommendations that were quantitatively suitable for their customers or to prevent churning,” despite “numerous ‘red flags’ of excessive trading and churning.” Mr. Taddonio allegedly also “lied, under oath, and in written responses to FINRA requests for information made about the existence of audio recordings and the firm’s provision of recording equipment to brokers to record their conversations with customers. FINRA sought to obtain those recordings in order to fully investigate the sales practice abuses taking place at the firm and Taddonio repeatedly falsely denied their existence.” The action remains pending.

In April 2015 a customer alleged Craig Taddonio, while employed at Craig Scott Capital, breached his contract, breached his duty of good faith and fair dealing, and failed to supervise representatives. The customer is seeking $900,000 in damages in the pending complaint.

In 2013 a customer alleged Craig Taddonio, while employed at Craig Scott Capital, failed to supervise representatives, recommended unsuitable investments, engaged in excessive trading, and misrepresented material facts related to an investment. The complaint settled in April 2015 or $178,500.

In 2013 a customer alleged Craig Taddonio, while employed at Craig Scott Capital, failed to supervise his representatives, breached his fiduciary duty, acted negligently, recommended unsuitable investments, engaged in churning, and executed unauthorized trades. In May 2015 the complaint resulted in an award to the customer of $338,454.

If you have lost money investing with Craig Taddonio, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.