Investors Seek Six-Figure Damages in Disputes with Nicholas Schiano
Nicholas Schiano (CRD #:4429212) has been barred by FINRA, according to his BrokerCheck record, accessed on September 14, 2025. He is registered with Spartan Capital Securities If you want to know more about his alleged conduct as a broker, read on.
Regulatory Action
On May 8, 2025, Nicholas Schiano entered into an Acceptance, Waiver, and Consent agreement in which he consented to the allegations that he willfully violated the Best Interest Obligation under Regulation Best Interest. The findings stated that both customers were seniors. According to the AWC, the customers paid $71,025 in commissions and suffered $62,244 in realized losses.
As part of the terms of the AWC, Nicholas Schiano consented to a $5,000 fine and a $55,770 restitution payment. You can read a copy of the AWC here.
Investor Dispute
On December 23, 2020, a similar dispute named Nicholas Schiano in allegations of churning, unsuitability, breach of contract, and misrepresentation. This dispute seeks $414,744 in damages.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information such as investors’ age, risk tolerance, and investment goals.
Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 3110
FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. Among other things, firms must appoint supervisors and ensure that they have adequate training or experience.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence the purchase or sale of securities. This includes the misrepresentation or omission of information related to investments.
FINRA Rule 3260
FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. The firm must also approve the designation of an account as discretionary before this trading can occur.
Settled Investor Disputes
Five disputes, filed from 2017-2021, named Nicholas Schiano in allegations relating to misrepresentation and/or the suitability rule, including allegations of excessive trading, overconcentration, and unsuitable investment recommendations.
Background Information
Nicholas Schiano has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 25 – NYSE Trading Assistant Examination
He is a registered broker in 50 states and the District of Columbia.
Besides Spartan Capital Securities, Nicholas Schiano has also worked with the following firms:
- Worden Capital Management (CRD#:148366)
- Legend Securities (CRD#:44952)
- Joseph Gunnar & Co (CRD#:24795)
- Brookstone Securities (CRD#:13366)
- Citigroup Global Markets (CRD#:7059)
- Chase Investment Services Corp. (CRD#:25574)
- E*Trade Securities (CRD#:29106)
- J.P. Turner & Company (CRD#:43177)
- Gunnallen Financial (CRD#:17609)
- G&L Partners Inc (CRD#:129605)
- G&L Partners LLC (CRD #: 38719)
Kurta Law Can Help
If you have worked with Nicholas Schiano and have concerns about your investments, 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 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.
Loading...
Reload document 
Open in new tab