{"id":28473,"date":"2022-08-16T08:26:54","date_gmt":"2022-08-16T13:26:54","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=28473"},"modified":"2022-09-27T20:29:41","modified_gmt":"2022-09-28T01:29:41","slug":"former-spartan-capital-broker-suspended-by-finra","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-spartan-capital-broker-suspended-by-finra\/","title":{"rendered":"Spartan Capital Securities Broker James Pecoraro Suspended Following Excessive Trading Allegations"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">New York Broker Allegedly Cost Customers Six-Figure Losses, Trading Costs, and Commissions<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Financial Industry Regulatory Authority (FINRA) has suspended Spartan Capital Securities financial advisor James Robert Pecoraro for nine months. FINRA ordered him to pay a $10K penalty and nearly $69K restitution for allegedly\u00a0<\/span><a href=\"https:\/\/link.edgepilot.com\/s\/4ffea446\/7IS993tTSk2R9lT1iUDkWQ?u=https:\/\/www.investorlawyers.com\/churning.html\"><span style=\"font-weight: 400;\">excessively unauthorized trading<\/span><\/a><span style=\"font-weight: 400;\">\u00a0in customers\u2019 accounts. The New York broker consented to the sanctions without denying or admitting to the findings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the self-regulatory organization (SRO), Pecoraro recommended to certain clients a pattern of very costly, high-velocity trading that involved him making frequent stop loss orders, resulting in the liquidation of securities positions. At this point, he would allegedly recommend new purchases to the investors. FINRA said these trades were excessive and unsuitable for the investors, given their investing profiles. The trades cost them investment losses of over $166K and total trading costs of more than $184K, including over $165K in commissions.<\/span><\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/former-spartan-capital-broker-suspended-by-finra\/\"  title=\"Continue Reading Spartan Capital Securities Broker James Pecoraro Suspended Following Excessive Trading Allegations\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>New York Broker Allegedly Cost Customers Six-Figure Losses, Trading Costs, and Commissions\u00a0 The Financial Industry Regulatory Authority (FINRA) has suspended Spartan Capital Securities financial advisor James Robert Pecoraro for nine months. FINRA ordered him to pay a $10K penalty and nearly $69K restitution for allegedly\u00a0excessively unauthorized trading\u00a0in customers\u2019 accounts. The New York broker consented to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":28474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3762,3739],"tags":[3118,2533,3009],"class_list":["post-28473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-investigations","category-finra","tag-financial-adviser","tag-finra","tag-unauthorized-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Suspends Financial Advisor for Unauthorized Trading<\/title>\n<meta name=\"description\" content=\"James Pecoraro, a registered representative at Spartan Capital Securities, is suspended by FINRA over excessive and unauthorized trading claims.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/former-spartan-capital-broker-suspended-by-finra\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Suspends Financial Advisor for Unauthorized Trading\" \/>\n<meta name=\"twitter:description\" content=\"James Pecoraro, a registered representative at Spartan Capital Securities, is suspended by FINRA over excessive and unauthorized trading claims.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/08\/close-up-of-a-black-gavel-on-a-table.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Suspends Financial Advisor for Unauthorized Trading","description":"James Pecoraro, a registered representative at Spartan Capital Securities, is suspended by FINRA over excessive and unauthorized trading claims.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/former-spartan-capital-broker-suspended-by-finra\/","twitter_card":"summary_large_image","twitter_title":"FINRA Suspends Financial Advisor for Unauthorized Trading","twitter_description":"James Pecoraro, a registered representative at Spartan Capital Securities, is suspended by FINRA over excessive and unauthorized trading claims.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2022\/08\/close-up-of-a-black-gavel-on-a-table.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; 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