Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on December 21,2 016 indicate that former New York-based Alexander Capital broker Adam Spero has received several customer disputes and is currently not affiliated with any broker-dealer firm. The experienced attorneys at Fitapelli Kurta are interested in speaking to investors who have complaints regarding Mr. Spero (CRD# 4187859).
Adam Spero has spent twelve years in the securities industry and was most recently registered with Alexander Capital in Staten Island, New York (2013-2016). Previous registrations include Charles Vista LLC, which has been expelled by FINRA; Investors Capital in Staten Island, New York; National Securities in Staten Island, New York; and Summit Brokerage Services in Boca Raton, Florida. He is currently not registered with any state or firm.
According to his BrokerCheck report, Adam Spero has received four customer complaints.
In 2014 a customer alleged Adam Spero, while employed at Charles Vista, made unsuitable recommendations. The complaint settled for $12,500.
In 2013 a customer alleged Adam Spero, while employed at Charles Vista, executed excessive transactions, made unsuitable recommendations, misrepresented and omitted material facts, and acted negligently. The complaint settled in 2014 for $15,000.
In 2009 a customer alleged Adam Spero, while employed at Investors Capital, committed fraud, breached contract, acted negligently, committed promissory estoppel, breached his fiduciary duty, made unsuitable recommendations, and engaged in malpractice. The complaint resulted in an award to the customer of $300,640.
In 2007 a customer alleged Adam Spero, while employed at National Securities, churned the account. The complaint settled for more than $9,500.
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 lost money investing with Adam Spero, call Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.