FINRA Bars Anthony Mastroianni for Failing to Appear for Elder Fraud Testimony
The New York broker was accused of churning an elderly customer’s account
Anthony Mastroianni is no longer allowed to act as a broker. Due to allegations against him concerning excessive trading and borrowing client funds, the Financial Industry Regulatory Authority (FINRA) requested that he appear for on-the-record testimony. Because he refused, FINRA permanently barred him in December of 2016.
A 12-year veteran of the securities industry, Mastroianni worked for five firms, ending his career at Meyers Associates, LP, which was formerly known as Roan-Meyers AssociatesJoseph Stevens & Company, Inc. – Old Bridge, NJ
• Joseph Stevens & Company, Inc. – Old Bridge, NJ
• National Securities Corporation – Staten Island, NY
• J.P. Turner & Company LLC – Red Bank, NJ
• Alexander Capital, LP – New York, NY
• Meyers Associates, LP (Previously Roan-Meyers Associates) – New York, NY
The broker also conducted business under a holding company called the Mastroianni Corporation, which was formed in August 2012.
The charges against Mastroianni are especially troubling because they concern an elderly client. Mastroianni is alleged to have borrowed $90,000 from this client, and if the client didn’t know about it or lacked the ability to consent, this would constitute elder financial fraud. In addition, many firms prohibit borrowing money from clients, and doing so without notifying the firm is a violation.
Mastroianni was also alleged to have made excessive trades in this client’s account. Excessive trading, or churning, is done by a broker for the express purpose of generating extra commissions.
Other customer disputes levied against Mastroianni include breach of fiduciary duty, breach of contract, and making unsuitable investments. FINRA’s BrokerCheck report has more information on Anthony Mastroianni.
Often when an investor is taken advantage of by a financial professional, they feel helpless to do anything about it. Through securities arbitration, however, lost money can sometimes be recovered. This is why if the person you hired to handle your money committed fraud or violated securities industries regulations, you should take action. To learn about your rights and the securities arbitration process, just get in touch with the Silver Law Group.
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