Patrick Orlando Fired from Entoro Securities for Allegedly Failure to Report Disclosures

Patrick Orlando (CRD #: 2391824), a broker formerly registered with Entoro Securities, was fired from that firm. This disclosure appears on his BrokerCheck record, accessed on July 29, 2025. Keep reading if you have questions regarding his alleged conduct.

Termination from Entoro Securities

On May 8, 2025, Patrick Orlando was fired from Entoro Securities following allegations that he failed to timely report financial and other business disclosures to the firm’s chief compliance officer.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

SEC Civil Complaint

On July 17, 2024, the Securities and Exchange Commission filed a civil suit alleging that Patrick Orlando made materially false and misleading statements while serving as the CEO and Chairman of Digital World Acquisition Corp. (DWAC)., a special purpose acquisition company (SPAC).

The SEC alleged that Patrick Orlando falsely represented in filings with the SEC that DWAC had no intention to merge with any particular company and had not engaged in discussion or had contact with potential merger targets. However, Patrick Orlando had allegedly personally engaged in such discussions with representatives of social media company Trump Media & Technology Group Corp. (TMTG) and had targeted the company for merger for months.

In his roles as CEO and Chairman of DWAC, and as managing member of its sponsor, Patrick Orlando allegedly reviewed and signed filings containing misrepresentations and omissions. 

Alleged Merger Scheme

In February 2021, Patrick Orlando allegedly pursued merger discussions with TMTG on behalf of another SPAC he controlled (“SPAC A”). In spring of the same year, he allegedly discussed a scheme to merge DWAC with TMTG with at least one individual at TMTG.

In the months that followed, Patrick Orlando allegedly signed Forms S-1 that made false and misleading statements with regard to DWAC’s lack of merger targets and discussions of the subject. On September 8, 2021, DWAC completed its initial public offering (IPO), which allegedly raised $287.5 million for the company.

On or around August 31, 2021, DWAC allegedly filed an amended Form S-1 containing material misrepresentations and omissions regarding its pre-IPO conduct.

In October 2021, DWAC allegedly announced a merger agreement with TMTG, following which its stock price allegedly rose over 400% in a single trading day.

DWAC allegedly filed a Form S-4 on May 16, 2022, regarding its intended merger with TMTG that also misrepresented the negotiations between the two companies and omitted material facts.

Previous SEC Regulatory Action

On July 20, 2023, the SEC instituted a cease-and-desist proceeding against DWAC, alleging violations of Section 17(a)(2) of the Securities Act of 1933  and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) thereunder. The SEC imposed an $18 million civil penalty on the company.

DWAC allegedly filed an amended Form S-4 on November 13, 2023, which made disclosures consistent with the SEC’s findings in the settled cease-and-desist proceeding. TMTG and DWAC allegedly completed their merger on March 25, 2024, with the surviving entity being named Trump Media & Technology Group Corp.

The SEC’s pending civil complaint alleges that Patrick Orlando and DWAC violated Section 17(a) of the Securities Act, Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder.

Securities Act of 1933

Section 17(a) of the Securities Act of 1933 prohibits the use of deceptive and fraudulent schemes in the securities business. It specifically bans false or misleading statements and the omission of material facts relating to securities.

Securities Exchange Act of 1934

Section 10(b) of the Securities Exchange Act of 1934 bans manipulative, deceptive, and otherwise fraudulent activities relating to the securities business. Within this section, Rule 10b-5 bans fraudulent schemes as well as untrue statements and omissions of fact that mislead investors.

FINRA Investigation

On March 18, 2024, FINRA investigated circumstances surrounding a Wells Notice filed by the SEC in 2023.

Background Information 

Patrick Orlando has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• Series 82TO Limited Representative-Private Securities Offerings 
• SIE – Securities Industry Essentials Examination 
• Series 79 Investment Banking Registered Representative Examination 
• Series 7 General Securities Representative Examination 
• Series 24 General Securities Principal Examination

During his 32 years of experience, he has registered with five firms: 

• Entoro Securities (CRD #: 35192) 
• StillPoint Capital (CRD #: 133146) 
• Deutsche Bank Securities (CRD #: 2525) 
• American Express Financial Advisors (CRD #: 6363) 
• IDS Life Insurance Company (CRD #: 6321) 

Kurta Law Can Help 

If you worked with Patrick Orlando and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.