Albert Foronda Named in Investor Dispute
Albert Foronda (CRD #:5737620), a broker registered with Spartan Capital Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on April 5, 2022. This is his fourth investor dispute—keep reading for more details.
Investor Allegations
On December 10, 2021, Albert Foronda was named in an investor dispute alleging churning, unsuitability, breach of fiduciary duty, misrepresentation, failure to supervise, and unauthorized trading. The investor is seeking $36,836.24一the case is still pending.
Unauthorized Transactions Allegations
According to an Acceptance, Waiver, and Consent agreement dated January 17, 2020, Albert Foronda consented to the findings that in 2017, while associated with Worden Capital Management, he allegedly executed unauthorized transactions in customers’ accounts without the customers’ authorization.
FINRA Rule 3260(b) prohibits unauthorized discretionary trading. It is not enough for investors to authorize discretionary trading—they must give written authorization, and the firm must accept the accounts for discretionary trading.
Making unauthorized trades is a breach of the duty to observe high standards of commercial honor and just and equitable principles, in violation of FINRA Rule 2010.
Sanctions
As part of the terms of the AWC, Albert Foronda consented to:
- A 45-day suspension
- A $7,500 fine
- Restitution of $2,765, plus interest.
You can read a copy of the AWC here.
Settled Investor Disputes
On May 8, 2019, Albert Foronda was named in an investor dispute alleging unsuitability, excessive trading, and negligence. The case was settled for $385,000.
On April 30, 2018, Albert Foronda was named in an investor dispute alleging breach of fiduciary duty, breach of contract, and negligence. The case was settled for $50,000.
Background Information
Albert Foronda has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
He is a registered broker in 38 states.
Besides Spartan Capital Securities and Worden Capital Management, Albert Foronda has also worked with the following firms:
- Legend Securities (CRD#:44952)
- National Securities Corporation (CRD#:7569)
Kurta Law Can Help
If you suffered losses after working with Albert Foronda, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Please reach out if you have any questions about what steps to take next to recover your investment losses.