South Florida Arbitration & Litigation Lawyer Blog
FINRA Arbitration Fraud and Broker Misconduct Attorney, Russell L. Forkey, Esq.
FINRA complaint issued against the below described account executive:
Please keep in mind that the issuance of a disciplinary complaint represents FINRA’s initiation of a formal proceeding in which findings as to the allegations in the complaint have not been made, and does not represent a decision as to any of the allegations contained in the complaint. Because these complaints are unadjudicated, you may wish to contact the respondents before drawing any conclusions regarding the allegations in the complaint.
Joshua Albert Galiani (CRD #2864225, Registered Representative, Pelham Manor, New York, formerly licensed with Petersen Investments, Inc.) confirmations and statements Galiani’s member firm sent to him because the majority of the customer’s money was purportedly held in a third account, which he described to the customer as an "institutional account" that was not reflected on such documents. The complaint further alleges that the customer subsequently demanded that Galiani provide him with statements for the institutional account, and Galiani created and provided the customer with fictitious firm account summaries that overstated the customer’s actual holdings at the firm by approximately $600,000. In additon, the complaint alleges that on the same date, Galiani also created and provided the customer with a fictitious account statement for the institutional account reflecting a purported value of $682,861.55. Moreover, the complaint alleges that Galiani completely fabricated the institutional account and the account number listed on the institutional account statement related to a closed account a relative of Galiani previously held. (FINRA Case #2009017619001)