New York First Standard Financial Company Representative Consents to FINRA Entry of Findings Alleging Unsuitable Trading in Customer AccountsThursday, July 16, 2020
Former general securities representative, Charles Euler, Jr. recently consented to an eleven-month suspension from associating with member firms of the Financial Industry Regulatory Authority (FINRA) to resolve allegations of violating securities industry rules by excessively trading customer accounts.
Marzocco has been associated with numerous FINRA member firms within the past ten years, including: Rockwell Global Capital LLC in Mellville, New York from September 2014 to October 2015; First Standard Financial Company LLC in Garden City, New York from October 2015 to March 2017; Spartan Capital Securities, LLC in Garden City, New York from January 2017 to July 2017; First Standard Financial Company LLC in Miller Place, New York from June 2017 to July 2019; and Woodstock Financial Group, Inc. in Nesconset, New York from June 2019 to December 2019.
In a Letter of Acceptance, Waiver and Consent (AWC) accepted by FINRA on July 1, 2020, Marzocco consented to the entry of findings that he engaged in quantitatively unsuitable trading in customer accounts that resulted in high turnover and cost-to-equity ratios between November 2015 and December 2017. One customer’s account, for example, exhibited an annualized cost-to-equity ratio of 179.29%, resulting in $135,800 in losses and $53,232 in commissions and fees. Collectively, the customers experienced $196,331 in losses and paid $81,523 in commissions and fees. Marzocco exercised de facto control over the customers’ accounts and recommended trades using margin even when one customer’s financial circumstances made Marzocco’s recommendations unsuitable.
Without admitting or denying the allegation made against him, Leonard Marzocco consented to an eleven-month suspension from associating with any FINRA member firm in any capacity.
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