Public records published by the Financial Industry Regulatory Authority (FINRA) on May 17, 2017 indicate that former New York-based Salomon Whitney Financial broker Douglas Leone has been sanctioned by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Leone (CRD# 2453784).
Douglas Leone has spent 22 years in the securities industry and was most recently registered with Salomon Whitney Financial in Farmingdale, New York (2013-2017). Previous registrations include Newport Coast Securities in New York, New York; Basic Investors in Hicksville, New York; Joseph Stevens & Company in Brooklyn, New York; Advanced Planning Securities in Smithtown, New York; and Whitehall Wellington Investments in Port Washington, New York. He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination) and Series 7 (General Securities Representative Examination).
According to his BrokerCheck report, Douglas Leone has received five customer complaints and one FINRA sanction.
In 2016 FINRA sanctioned him following allegations that “he, with his member firm and other firm representatives, excessively traded and churned customers’ accounts.” FINRA’s findings state further that “they acted with intent to defraud and/or with reckless disregard of their customers’ interests by seeking to maximize their own remuneration in disregard of the interests of their customers and as a result, willfully violated” securities laws and FINRA rules. He was ordered to pay fines and restitution exceeding $700,000 in the sanction, which is currently on appeal.
In 2012 a customer alleged Douglas Leone, while employed at Newport Coast Securities, breached contract, breached his fiduciary duty, and acted negligently. The complaint settled for $70,000.
In 1999 a customer alleged Douglas Leone, while employed at Foster Jeffries Securities, breached contract, made unsuitable investment recommendations, breached his fiduciary duty, and misrepresented material facts. The complaint settled for $125,000.
If you or someone you know has complaints regarding Douglas Leone, call the experienced attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.