{"id":4787,"date":"2017-09-28T14:23:38","date_gmt":"2017-09-28T19:23:38","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4594"},"modified":"2022-03-22T14:43:31","modified_gmt":"2022-03-22T19:43:31","slug":"three-ex-alexander-capital-brokers-charged-making-unsuitable-recommendations-cost-investors","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/three-ex-alexander-capital-brokers-charged-making-unsuitable-recommendations-cost-investors\/","title":{"rendered":"Three Ex-Alexander Capital Brokers Charged with Making Unsuitable Recommendations That Cost Investors"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission has filed civil charges against former Alexander Capital brokers who are accused of making unsuitable recommendations <\/a>that garnered them commissions while causing investors to sustain significant losses. All three men, Rocco Roveccio, William Gennity, and Laurence Torres, are based in New York. <\/p>\n

Because there are costs associated with each transaction for the customer, the security’s price has to go up significantly during the short time it is in an account for even the smallest profit to be made. Instead, eleven customers lost $683K while the NY brokers made $280K and $206K, respectively, in fees and commissions. Some of the investors they bilked had little education and\/or were inexperienced investors. In the SEC\u2019s complaint against Gennity and Roveccio, the brokers are accused of recommending investments that required the \u201cfrequent buying and selling of securities\u201d despite a lack of reasonable grounds to think that this would make money for their customers. <\/p>\n

The two men allegedly engaged in churning<\/a> in customers\u2019 accounts, unauthorized trading, and hiding material information from them, including that the transaction expenses (markups, commissions, markdowns, fees, postage, and margin interest ) for the investment recommendations would most likely exceed any possible profits. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission has filed civil charges against former Alexander Capital brokers who are accused of making unsuitable recommendations that garnered them commissions while causing investors to sustain significant losses. All three men, Rocco Roveccio, William Gennity, and Laurence Torres, are based in New York. Because there are costs associated with each […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3775,3801,3760],"tags":[2896],"class_list":["post-4787","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-churning","category-sec","category-sec-enforcement","tag-alexander-capital"],"yoast_head":"\nThree Ex-Alexander Capital Brokers Charged with Making Unsuitable Recommendations That Cost Investors — Investor Lawyers Blog — September 28, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission has filed civil charges against former Alexander Capital brokers who are accused of making unsuitable — September 28, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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