David Lomedico Was Sanctioned Following Allegations of Misconduct

David Lomedico

Publicly available provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 10, 2017 indicate that former New York-based Spartan Capital broker David Lomedico has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Lomedico (CRD# 1531676).

David Lomedico has spent 29 years in the securities industry and was most recently registered with Spartan Capital Securities in New York, New York (2013-2016). Previous registrations include Rockwell Global Capital in Melville, New York; Advanced Planning Securities in Melville, New York; JP Turner & Company in Hauppage, New York; American Capital Partners in Hauppage, New York; and Milestone Financial Services in Bohemia, New York. He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 6 (Investment Company Products/Variable Contracts Representative Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received four customer complaints, one pending customer complaint, and one FINRA sanction.

In August 2017 FINRA sanctioned him following allegations he “recommended unsuitable transactions in the accounts of two of his customers.” FINRA’s findings stated further: “Lomedico was the registered representative for a husband and wife, while they were customers at his member firm. The husband and wife were 72 and 64, respectively, at the time their joint trust account was opened. During that time, the investment objective for their account was speculation. Lomedico communicated with the husband about the couple’s account and he made recommendations to buy and sell securities in that account solely to the husband. Later the husband died. The wife had little investment knowledge or experience. Prior to her husband’s death, she had relied entirely on him to manage the couple’s finances and investments, including their account with Lomedico’s firm. Now 68 years old and a widow, her investment objective was long-term capital appreciation. But Lomedico did not take any steps upon the husband’s death to assess the wife’s changed circumstances. Lomedico did not speak with her to determine her investment objective and investment experience, instead relying on the account’s prior investment objective of speculation for his recommendations. As a result, Lomedico continued to recommend short-term trading and use of margin that was… unsuitable.” He was issued a 4-month suspension and a fine of $5,000.

In 2004 a customer alleged David Lomedico, while employed at American Capital Partners, executed unauthorized trades and recommended unsuitable investments. The complaint settled in 2005 for $85,000.

If you or someone you know has lost money investing with David Lomedico, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect 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.