Staten Island, NY & Red Bank, NJ
Christian Luccheto, Formerly with First Standard Financial, Suspended by FINRA
Have you lost money with financial advisor Christian Luccheto from Staten Island, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Christian Luccheto. FINRA filed a complaint against Luccheto regarding allegations while he was affiliated with First Standard Financial. FINRA suspended him for three months, fined him $5,000, and ordered disgorgement of $30,454.
Christian Luccheto was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning) in a customer’s accounts. FINRA alleged that one of his customers had an account with a cost-to-equity ratio of 71% while at First Standard Financial, with a turnover ratio of 19. To put this in perspective, if an account had a cost equity ratio of 50%, that means the trading in the account would have to make a 50% profit annually just to break even from the costs of trading.
Christian Luccheto (CRD #4648994) was a registered representative and financial advisor with First Standard Financial from July 2016 to September 2019. He has been with Arive Capital Markets from September 2019 to January 2021. He worked out of a branch office in Red Bank, New Jersey.
Broker-dealers like First Standard Financial 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.