Nicholas Caruso Facing FINRA Suspension Following Allegations of Excessive Trades
Nicholas Caruso (CRD #: 7301382) has been suspended by FINRA. This disclosure appears on his BrokerCheck record, accessed on December 11, 2023. Keep reading for more information.
On October 12, 2023, Nicholas Caruso consented to the findings that he violated Regulation Best Interest following allegations that he recommended an excessive number of trades to an elderly couple. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.”
- Customer A – Allegedly lost approximately $4,500 while paying $7,300 in commissions and trade costs.
- Customer B – Allegedly lost approximately $15,800 while paying $6,8000 in commissions and trade costs.
Regulation Best Interest
Regulation Best Interest imposes a “Duty of Care” obligation that requires Nicholas Caruso have a reasonable basis for recommending a series of transactions. Brokers are not permitted to put the interests of the brokerage firm ahead of their customers.
Sanctions
As part of the terms of the AWC, Nicholas Caruso consented to a three-month suspension. You can read a copy of the AWC here.
Background Information
Nicholas Caruso has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Series 7TO General Securities Representative Examination
- SIE – Securities Industry Essentials Examination
During his single year of experience, he has registered with Alexander Capital (CRD #: 40077) and Monmouth Capital Management (CRD #: 290248). Monmouth Capital was expelled by FINRA on July 6, 2023.
Kurta Law Can Help
If you have worked with Nicholas Caruso and have concerns about your investments, do not hesitate to contact us 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.
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