Published on:

John Santariello Allegedly Engaged in Unsuitable Trading

John SantarielloPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on April 25, 2016 indicate that New York-based Cape Securities broker John Santariello is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Santariello (CRD# 5746158).

John Santariello has spent five years in the securities industry and has been registered with Cape Securities in Lake Grove, New York since August 2015. Previous registrations include Joseph Gunnar & Company in Melville, New York (2015); Wilmington Capital Securities in Melville, New York (2014-2015); National Securities Corporation in Miller Place, New York (2013-2014); and KC Ward Financial in Ronkonkoma, New York (2010-2013). He is a registered broker in 20 US states and territories.

According to his BrokerCheck report, John Santariello is the subject of one pending customer complaint and one financial disclosure.

In November 2014, a customer alleged that John Santariello, while employed at KC Ward Financial, engaged in “unsuitable excessive trading of high-risk, speculative stocks.” The customer is seeking $100,000 in damages in the pending complaint.

In 2013, John Santariello was the subject of an $8,000 debt held by Sunrise Credit Services. He reached a compromise of “98/02 [sic] per month” with the creditor.

According to both FINRA rules and federal securities law, investment professionals like John Santariello must abide by a standard called suitability, which means they may recommend only investments that are considered suitable for their clients. Brokers must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and more. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. Brokers and investment advisers recommend unsuitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you have lost money investing with John Santariello, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you recover money. By law you may have a limited time to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.