Sebastian Bongiovanni Allegedly Failed to Respond to FINRA Requests for Information

Sebastian Bongiovanni (CRD #: 4398600), a broker formerly registered with Spartan Capital Securities, has been investigated by FINRA. This disclosure appears on his BrokerCheck record, accessed on January 16, 2025. Keep reading if you have questions regarding his alleged conduct. 

FINRA Investigation

On December 13, 2024, FINRA entered a preliminary determination to recommend disciplinary action against Sebastian Bongiovanni, alleging that he failed to fully respond to requests for documents and information in violation of FINRA Rules 8210 and 2010.

FINRA Rule 8210

FINRA Rule 8210 requires members to provide documents, information, and testimony upon request by FINRA.

FINRA Rule 2010

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

FINRA Suspension and Bar

On May 1, 2024, FINRA suspended Sebastian Bongiovanni following allegations that he failed to respond to FINRA requests for information. This suspension automatically converted to a bar on August 5, 2024, and that bar was vacated on November 1, 2024.

FINRA Rule 9552

FINRA Rule 9552 states that members who fail to provide documents, information, or testimony requested by FINRA will be suspended. Members who fail to request an end to their suspension within three months are permanently barred.

Investor Dispute

On December 6, 2016, an investor filed a dispute alleging that Sebastian Bongiovanni executed unauthorized trades, recommended unsuitable investments, misrepresented and omitted facts about certain investments. They further alleged failure to supervise. The dispute was settled for $91,000.

FINRA Rule 3260

FINRA Rule 3260 prohibits brokers from conducting discretionary trading outside discretionary accounts, which are pre-approved for discretionary trading by the firm and the client.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the investor’s profile, which contains information about their age, risk tolerance, tax status, and overall financial situation.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence the purchase and sale of securities. Misrepresenting or omitting information about an investment’s risks, fees, or other features violates this rule.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations. Their systems of supervision should be able to catch unsuitable recommendations. 

Background Information 

Sebastian Bongiovanni has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

Sebastian Bongiovanni has previously worked with following firms:

• Spartan Capital Securities (CRD #: 146251) 
• Newbridge Securities Corporation (CRD #: 104065) 
• J.P. Turner & Company (CRD #: 43177) 
• GunnAllen Financial (CRD #: 17609) 
• Joseph Gunnar & Co (CRD #: 24795) 
• Prime Charter LTD. (CRD #: 25668) 

Kurta Law Can Help 

If you have worked with Sebastian Bongiovanni and 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.