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Broker Complaints: Wellington Shields & Company, LLC (CRD# 149021)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding the New York-based brokerage and advisory firm Wellington Shields & Company, LLC (CRD# 149021).

Formed in New York in 2008, Wellington Shields & Company is headquartered in New York and registered in 52 US states and territories. Ralph Joseph Scarpa is co-Chief Executive Officer; Stephen John Portas is Chief Compliance Officer; Philip Michael Curcuru is Chief Financial Officer and Chief Operating Officer; Joseph Vincent Shields, Jr. is Chairman; David Vincent Shields is Vice Chairman; Charles Wellington is Vice Chairman.

According to the firm’s BrokerCheck report,Wellington Shields & Company is the subject of two regulatory sanctions and one customer complaint that evolved into arbitration.

In 2014 a customer alleged Wellington Shields & Company breached its fiduciary duty, breached contract, misrepresented material facts related to an investment, and acted negligently. The complaint resulted in an award to the customer of $130,000.

In 2013 the Financial Industry Regulatory Authority (FINRA) sanctioned Wellington Shields & Company following allegations the firm failed to transmit reportable order events to the Order Audit Trail System. Wellington Shields & Company was issued a fine of $5,000.

In 2011 FINRA sanctioned Wellington Shields & Company following allegations the firm permitted certain individuals to supervise its research and supervisory analysts, though those individuals had not passed required examinations. FINRA additionally alleged that during the same period, two of Wellington Shields & Company’s equity research analysts were not properly registered. Wellington Shields & Company was censured and issued a $5,000 fine.

If you have complaints regarding Wellington Shields & Company, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. Since all cases are taken on contingency, we only get paid if and when you recover money.  Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.