New York, NY
Have you lost money with financial advisor Anthony Tricarico from New York, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Anthony Tricarico. FINRA suspended Tricarico from the securities industry for six months and fined him $5,000.
Tricarico was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning) in customers’ accounts. FINRA alleged that two of Tricarico’s customers had accounts with a cost-to-equity ratios of 161.7% and 91.48% while at Aegis Capital. To put this in perspective, if an account had a cost equity ratio of 30%, that means the trading in the account would have to make a 30% profit annually just to break even from the costs of trading.
Anthony Tricarico was a registered representative and financial advisor with Aegis Capital from March 2010 to July 2020. He worked out of a branch office in New York, New York. Tricarico has also been the subject of at least three customer complaints.
Broker-dealers like Aegis Capital have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Aegis Capital.