Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Joao Pinto (CRD # 6298233) was recently suspended from the securities industry by FINRA’s Department of Enforcement for violating Reg BI. The issue arose after a 2018 cyclical examination of the firm he was registered with.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Pinto.
Registration Background for Joao Pinto
Mr. Pinto first became registered in the securities industry in 2014. He is currently registered with New York, NY based Spartan Capital Securities, LLC (CRD # 146251). His prior registrations include Benchmark Investments, LLC (CRD # 103792) from February 2019 to October 2019, and Newbridge Securities Corporation (CRD # 104065) from September 2014 to February 2019.
FINRA’s Allegations Against Joao Pinto
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 21, 2023 (No. 2018056490307), Mr. Pinto consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 2020 through June 2021, [Mr. Pinto] recommended a series of trades in one senior customer’s account that were excessive, unsuitable, and not in the customer’s best interest”;
- “[Mr.] Pinto recommended high frequency trading in the customer’s account, and the customer routinely followed his recommendations”;
- “As a result, [Mr.] Pinto exercised de facto control over the customer’s account”;
- “[Mr.] Pinto’ s trading resulted in a high turnover rate and cost-to-equity ratio, as well as significant losses”;
- “This level of trading was excessive, unsuitable, and not in the best interest of the customer”; and
- By virtue of his actions, Mr. Pinto violated Exchange Act Rule 15I-1 of the Securities Exchange Act of 1934 (Regulation BI), FINRA Rule 2111 regarding suitability, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Joao Pinto from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s November 21, 2023 AWC also indicates that Mr. Pinto consented to the following sanction(s):
- a three-month suspension from association with any FINRA member in all capacities.
Joao Pinto Has a History of Securities Industry Customer Complaints
In addition to Mr. Pinto being suspended by FINRA from the securities industry for violating Reg BI, FINRA BrokerCheck for Mr. Pinto reveals that he has history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to the following:
- On October 7, 2020, a customer-initiated arbitration was commenced against Mr. Pinto regarding alleged actions that occurred while he was associated with Spartan Capital Securities, LLC. The customer’s allegations included misrepresentation and omission, negligence, and churning. The customer further alleged damages in the amount of $268,386.00. The arbitration is currently pending.
Have You Lost Money with Joao Pinto?
If you or someone you know has or had a brokerage account with Mr. Joao Pinto and have concerns regarding losses in your investments or possible sales practice violations including fraud, 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.
