Todd Cirella Investigation
June 2023-Melville, NY
According to publicly available records Todd Anthony Cirella a broker with Laidlaw & Company, Ltd., discloses a final regulatory matter resulting in a 3 month suspension from the industry.
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 1/2023, without admitting or denying the findings, Cirella consented to the sanctions and to the entry of findings that he willfully violated the Best Interest Obligation by recommending a series of trading in a senior customer’s account that was excessive, unsuitable and not in the customer’s best interest. The findings stated that the customer relied on Cirella’s advice and routinely followed his recommendations and, as a result, Cirella exercised de facto control over the customer’s account. Cirella’s trading in the customer’s account generated $27,566 in commissions and resulted in approximately $12,000 in trading losses. The level of trading was excessive, unsuitable and not in the customer’s best interest. The sanctions were a three month suspension beginning 2/21/2023 and ending 5/20/2023, a $5,000 fine and restitution of $27,566.
In 2010 a customer Cirella was paid $80,000 to resolve allegations that Cirella churned his account and made unauthorized trades.
Cirella has been registered with Laidlaw & Company since 7/2004.
If you have suffered losses in an account handled by Todd Cirella contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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