March 2026, New York, NY
According to publicly available records Nicholas James Schiano (CRD#4429212) , a stockbroker currently registered with Spartan Capital Securities, disclose 5 prior customer disputes and 1 pending customer dispute. In addition Schiano discloses 2 regulatory events and 2 outstanding judgment liens.
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.
In 7/2025 Schiano agreed to withdraw his registration in Maryland to resolve allegations that he excessively traded the accounts of two senior citizens with speculative investment objectives. This followed FINRA sanctions in 5/2025 for overtrading the accounts of senior citizens.
A customer of Worden Capital Management has filed a FINRA arbitration seeking damages of $414,744 alleging churning and qaualitative and quantitative unsuitability. This matter is currently pending.
In August of 2017, FINRA case #17-02149 was filed on behalf of a Legend Securities, Inc. customer alleging unsuitable transactions. The case settled for $35,000.
In April of 2019, FINRA case #19-00916 was filed on behalf of a Legend Securities customer who alleged misrepresentation, negligence and breach of fiduciary duty. The was settle for $32,500 in 10/2019 Legend Securities was expelled by FINRA from the securities industry in April 2017.
What is Excessive Trading (Churning)?
Churning According to U.S. Securities and Exchange Commission (SEC)
Other Investigations Involving Churning
Nicholas Schiano has been employed with Spartan Capital Securities since August of 2017 . He was previously employed with Worden Capital Management from November 2016 until August of 2017. His prior employment includes Legend Securities, Inc. Joseph Gunnar & Co., Brookstone Securities and Citigroup Global Markets, Inc. .
Schiano discloses an outstanding lien of $21,515 for a NYS Tax Warrant and a lien of $24,966 in favor of Chase Manhattan Bank.
If you have questions about an investment account handled by Nicholas James Schiano, contact us for a no charge consultation to learn about your legal options.
Other Investigations Involving Spartan Capital Securities Brokers
Investigations of other Worden Capital Management Brokers
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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