NEW YORK, NY
Have you lost money with financial advisor Joseph Ambrosole of New York, New York? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Joseph Ambrosole. FINRA suspended Ambrosole for six months, fined him $5,000, and ordered him to pay restitution of $147,031. FINRA was investigating Ambrosole regarding allegations that he churned or excessively traded customer accounts.
In March 2021, the New Hampshire Securities Bureau brought a regulatory action against Joseph Ambrosole. New Hampshire alleged that Joseph Ambrosole engaged in excessive trading, or churning, with an elderly client. Ambrosole and his brokerage firm, Joseph Stone Capital, agreed to pay restitution to the client of $175,000, and they also agreed to pay a $100,000 fine and $30,000 costs.
Joseph Ambrosole has been a financial advisor and registered representative of Joseph Stone Capital from November 2017 to the present. He worked at a branch office in New York, New York. Ambrosole has also been the subject of two customer complaints.
Brokerage firms like Joseph Stone Capital have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms 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; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New Hampshire in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Joseph Stone Capital.