Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on January 5, 2017 indicate that New York-based First Standard Financial Company broker Eric Cascone has been the subject of customer complaints. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Cascone (CRD# 2586442).
Eric Cascone has spent 21 years in the securities industry and has been registered with First Standard Financial Company in Miller Place, New York since December 2016. Previous registrations include Legend Securities in New York, New York; Tryco Securities in Miller Place, New York; Brookville Capital Partners, which has been expelled by FINRA, in Miller Place, New York; Rockwell Global Capital in Melville, New York; First Midwest Securities in Farmingdale, New York; Newbridge Securities in Farmingdale, New York; Cantella & Company in Boston, Massachusetts; Morgan Stanley DW in Purchase, New York; and Gaines Berland in Bethpage, New York. He is a registered broker with seven US states.
According to his BrokerCheck report, Eric Cascone has received two customer complaints.
In 2011 a customer alleged Eddie Cascone, while employed at Newbridge Securities and First Midwest Securities, executed unauthorized trades, churned the account, and made unsuitable recommendations. The complaint settled in 2012 for $110,000.
In 2002 a customer alleged Eddie Cascone, while employed at Morgan Stanley, failed to execute certain orders, churned the account, committed fraud, breached his fiduciary duty, breached contract, and acted negligently. The complaint settled for $60,000.
Churning, or excessive trading, refers to the excessive execution of transactions in a customer account for the primary purpose of generating commissions. In churning cases, a broker does not buy, sell, or trade securities in order to advance a client’s investment goals. Instead, large volumes of transactions are made in order to increase fees and charges. Account churning generally arises in situations where a broker has the control over making investment transactions on a client’s account. Situations where this can occur usually involve discretionary or managed funds, or some margin funds. Brokers who engage in excessive trading may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Eric Cascone, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.