Anthony Graziano Fined Following Allegations of $120,000 in Sales Charges
Anthony Graziano (CRD #: 2862096), a broker registered with Joseph Stone, is the subject of a FINRA fine and suspension. This is according to his BrokerCheck record, accessed on February 23, 2022.
FINRA Suspension and Fine
According to an Acceptance, Waiver, and Consent agreement (AWC) dated December 8, 2021, Anthony Graziano allegedly failed in his supervisory duties. Although Anthony Graziano reviewed the daily trade blotter, he allegedly failed to identify red flags of excessive trading in an elderly customer’s account. He also allegedly failed to enforce restrictions imposed on commissions for the 78-year-old’s account.
One of the measures that indicate excessive trading is the cost-to-equity ratio. The cost-to-equity ratio is the percentage by which a portfolio would need to grow to cover its trading costs. A cost-to-equity ratio of more than 20% indicates that an account has been excessively traded. The elderly investor’s account allegedly had a cost-to-equity ratio of 22%.
Additionally, the investor allegedly had to pay almost $120,000 in commissions and other trading costs.
As a result of FINRA’s findings, Anthony Graziano consented to a fine of $5,000 and a three-month suspension. He is also required to complete 20 hours of continuing education concerning supervisory responsibilities. You can read a copy of the AWC here.
Anthony Graziano has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 24 General Securities Principal Examination
He is a registered broker in 13 states.
Anthony Graziano has worked with the following firms:
- National Securities Corporation (CRD #: 7569)
- Brookstone Securities (CRD #: 13366)
- Saloman Whitney (CRD #: 145012)
- American Capital Partners (CRD #: 119249)
- Gunnallen Financial (CRD #: 17609)
- Joseph Stevens & Company (CRD #: 35459)
- Ladenburg Capital Management (CRD #: 14623)
- Gained Berland (CRD #: 14623)
Kurta Law Can Help
If you have worked with Anthony Graziano and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or email@example.com for a free consultation.
For nearly 20 years, Kurta Law has advocated on behalf of investors who have lost money following broker fraud or misconduct. Kurta Law is a nationally recognized law firm and exclusively represents investors on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Our attorneys will work tirelessly to restore your lost funds and get your financial future back on track.