Last Updated: February 2024 (Coram, NY)
John Santariello Investigation Summary
Here’s what you need to know about Coram, NY, stockbroker John Santariello:
- Name: Mr. John Joseph Santariello
- Current Employer: Barred from industry by FINRA
- Previous Firms: Cape Securities, Arive Capital Markets, Joseph Gunnar & Co. Wilmington Capital Securities, National Securities Corp., K.C. Ward Financial
- Function: Former Stock Broker/ Financial Advisor
- Aliases: John Santariello
- Primary Location: Coram, NY
- CRD 5746158
- Can John Santariello be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Highest Settlement or Award: $251,813
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With John Santariello As Your Stockbroker?
IN 8/2019 a FINRA arbitration panel in Minneapolis, Minnesota ordered John Santariello to pay a customer of Arive Capital Markets $251,213. The customer’s arbitration alleged that Santariello churned and excessively traded their account, that he violated Minnesota Financial Planning Law, Minn. Stat 45.026 and made unsuitable investment recommendations. In addition the customer alleged that Santariello deceived the customer that the money being invested was being put into the customer’s retirement account when, instead it was put into a non-retirement account on margin and churned to generate commissions. See Meyers v John Santariello, et al, FINRA Case 19-2196.
Santariello apparently did not pay the award to the customer and FINRA barred him from the industry.
Allegations of Broker Misconduct Against John Santariello
In FINRA Arbitration 19-2196 a customer of John Santariello alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation
- Churning
- Excessive Trading
- Violations of Minnesota Financial Planning Law, Minn Stat. 45.026
- Fraudulent Misrepresentation
- Common Law Fraud
- Unauthorized use of Margin Borrowing
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by John Santariello, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.