Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Christopher George Orlando (CRD # 4136262) was recently barred from the securities industry by FINRA’s Department of Enforcement after an investigation into quantitatively unsuitable trading (churning) in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Orlando.
Registration Background for Christopher Orlando
Mr. Orlando first became registered in the securities industry in 2002. His previous registrations include but are not necessarily limited to St. Bernard Financial Services, Inc. (CRD # 36956) from December 2019 to January 2020 and Worden Capital Management LLC (CRD # 148366) from November 2016 to December 2019.
FINRA’s Allegations Against Christopher Orlando
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 30, 2021, Mr. Orlando consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From October 2015 through December 2018, while registered through [Legend Securities, Inc.] and then [Worden Capital Management LLC], [Mr.] Orlando excessively traded 13 accounts of 12 customers in violation of FINRA Rules 2111 and 2010”;
- “[Mr.] Orlando recommended high frequency trading in the 13 customer accounts, and he often recommended the sale of one security and the simultaneous investment of the sale proceeds into a new security within short time periods”;
- “[Mr.] Orlando’s customers routinely followed his recommendations and, as a result, [Mr.] Orlando exercised de facto control over the customers’ accounts”;
- “[Mr.] Orlando’s trading of the 13 accounts resulted in high turnover rates and cost-to-equity ratios as well as significant losses…”;
- “As a result of [Mr.] Orlando’s excessive trading, the customers suffered collective realized losses of $483,680, while paying total trading costs of $581,216, including commissions of $496,872”; and
- By virtue of his actions, Mr. Orlando violated FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Christopher Orlando
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 30, 2021 AWC also indicates that Mr. Orlando consented to the following sanction(s):
- A bar from association with any FINRA member in all capacities.
Christopher Orlando Has A History of Securities Industry Customer Complaints
In addition Mr. Orlando being barred from the securities industry by FINRA for quantitatively unsuitable trading (churning), FINRA BrokerCheck for Mr. Orlando reveals he has a history of customer complaints and/or customer initiated arbitrations, including but not necessarily limited to the following:
- On March 23, 2015, a customer initiated a written complaint against Mr. Orlando regarding alleged actions that occurred while he was associated with National Securities Corp. The customer alleged misrepresentation and unsuitability. The customer further alleged damages of $17,000.00. On July 20, 2015 the complaint was denied.
- On June 18, 2013, a customer initiated a written complaint against Mr. Orlando regarding alleged actions that occurred while he was associated with Brookstone Securities Inc. The customer alleged verbal abuse and harassment resulted in poor investment decisions. The customer further alleged damages of $16,579.61. On June 18, 2013 the complaint was denied.
If you or someone you know has or had a brokerage account with Christopher George Orlando and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.