Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that Joseph A. Ambrosole (CRD # 5732488) was recently barred from the securities industry by FINRA’s Department of Enforcement after failing to cooperate in an investigation into unsuitable trading in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Ambrosole.
Registration Background for Joseph Ambrosole
Mr. Ambrosole first became registered in the securities industry in 2011. He was most recently registered with New York, NY based Joseph Stone Capital L.L.C. (CRD # 159744) from November 2017 to June 2021. His prior registrations include Alexander Capital, L.P. (CRD # 40077) from July 2017 to November 2017, Meyers Associates, L.P. (CRD # 34171) from August 2015 to September 2016 and Joseph Stone Capital L.L.C. from April 2015 to July 2015.
FINRA’s Allegations Against Joseph Ambrosole
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated July 28, 2022 (No. 2021072773201), Mr. Ambrosole consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On June 17, 2022, in connection with its investigation, FINRA sent a request to [Mr.] Ambrosole for on-the-record testimony pursuant to FINRA Rule 8210”;
- “As stated during his counsel’s phone call with FINRA on July 8, 202, and by this agreement, [Mr.] Ambrosole acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time”; and
- By virtue of his actions, Mr. Ambrosole violated FINRA Rule 8210, regarding cooperating with investigations and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Joseph Ambrosole
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s July 28, 2022, AWC also indicates that Mr. Ambrosole consented to the following sanction(s):
- A bar from associating with any FINRA Member in all capacities.
Joseph Ambrosole Has a History of Regulatory Actions
Joseph Ambrosole being barred by FINRA from the securities industry after failing to cooperate in an investigation into unsuitable trading in customer accounts comes on the heels of receiving a 6-month suspension by FINRA last year. As indicated in FINRA Letter of Acceptance, Waiver and Consent (AWC) dated April 7, 2021 (No. 5732488), Mr. Ambrosole was suspended from the securities industry for unauthorized and excessive trading (churning) in customer accounts in April 2021.
FINRA BrokerCheck for Mr. Ambrosole reveals that he has had other regulatory actions brought against him.
Joseph Ambrosole Has A History of Securities Industry Customer Complaints
In addition to Joseph Ambrosole being barred by FINRA from the securities industry after failing to cooperate in an investigation into unsuitable trading in customer accounts, FINRA BrokerCheck for Mr. Ambrosole reveals that he has a history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to the following:
- On August 2, 2018, a customer-initiated arbitration was filed naming Mr. Ambrosole as a respondent, regarding alleged actions that occurred while he was associated with Global Arena Capital Corp. The customer alleged common law fraud, breach of fiduciary duty, negligence and breach of contract. The customer further alleged damages in the amount of $100,000.00. On May 30, 2019, the arbitration was settled in the amount of $10,000.00.
- On March 12, 2018, a customer-initiated arbitration was filed naming Mr. Ambrosole as a respondent, regarding alleged actions that occurred while he was associated with Global arena Capital Corp. The customer alleged churning, unsuitability and over concentration. The customer further alleged damages in the amount of $275,000.00. On March 28, 2019, the arbitration was settled in the amount of $54,900.00, with Mr. Ambrosole personally responsible for $30,000.00.
If you or someone you know has or had a brokerage account with Joseph A. Ambrosole 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.