South Florida Arbitration & Litigation Lawyer Blog
Stock Broker Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
January, 2012:
Joseph James Sciarra Jr. (CRD #1576322, Registered Principal, Wellington, Florida) was barred from association with any FINRA member in any capacity and ordered to pay $393,935, plus interest, in restitution to a customer’s estate. The sanctions were based on findings that Sciarra converted a customer’s funds by not applying the funds for the customer’s intended purpose. The findings stated that the customer provided checks totaling $393,935 to Sciarra to invest in warrants. Sciarra neither deposited the checks into the customer’s firm account nor provided any warrants or other securities to the customer. Sciarra cashed the checks or deposited them into a bank account. The findings also stated that the customer passed away and Sciarra has not reimbursed the customer’s estate. The findings also included that Sciarra failed to respond to FINRA requests for information. (FINRA Case #2010022840501).