Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Salvatore Pizzimenti (CRD # 2879580) was recently barred from the securities industry by FINRA’s Department of Enforcement after failing to cooperate with an investigation into his trading in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Pizzimenti.
Registration Background for Salvatore Pizzimenti
Mr. Pizzimenti first became registered in the securities industry in 2004. He was most recently registered with New York, NY based Worden Capital Management LLC (CRD # 148366) from November 2016 to December 2019. His previous registrations include Legend Securities, Inc. (CRD # 44952) from August 2011 to November 2016 and J.P. Turner & Company, L.L.C. (CRD # 43177) from February 2010 to August 2011.
FINRA’s Allegations Against Salvatore Pizzimenti
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 11, 2021, Mr. Pizzimenti consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On May 26, 2021, in connection with its investigation into [Mr.] Pizzimenti’s trading of customer accounts, FINRA sent a request to [Mr.] Pizzimenti for on-the-record testimony pursuant to FINRA Rule 8210”;
- “As stated during his counsel’s phone call with FINRA on May 26, 2021, and by this agreement, [Mr.] Pizzimenti 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. Pizzimenti violated FINRA Rule 8210, regarding cooperating in investigations and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Salvatore Pizzimenti
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 11, 2021 AWC also indicates that Mr. Pizzimenti consented to the following sanction(s):
- A bar from association with any FINRA member in all capacities.
Salvatore Pizzimenti Has A History of Securities Industry Customer Complaints
Although the June 11, 2021 AWC does not specify the nature of the trading that prompted the investigation, FINRA BrokerCheck for Mr. Pizzimenti reveals he has the following pending arbitration regarding customer trading:
- On January 15, 2021, a customer-initiated arbitration was commenced naming Mr. Pizzimenti as a respondent regarding alleged actions that occurred while he was associated with Worden Capital Management LLC. The customer alleged churning, quantitative suitability, misrepresentation and unsuitability. The customer further alleged damages of more than $89,887.74.
In addition, FINRA BrokerCheck also reveals Mr. Pizzimenti has a history of customer complaints and/or customer initiated arbitrations, including but not necessarily limited to the following:
- On January 10, 2013, a customer-initiated arbitration was commenced naming Mr. Pizzimenti as a respondent regarding alleged actions that occurred while he was associated with Pointe Capital Inc. The customer alleged churning and unsuitability. The customer further alleged damages of $500,000.00. On December 10, 2013 the arbitration was settled in the amount of $7,000.00.
- On July 23, 2012, a customer-initiated arbitration was commenced naming Mr. Pizzimenti as a respondent regarding alleged actions that occurred while he was associated with National Securities Corp. (CRD # 7569). The customer alleged negligence; breach of fiduciary duty; breach of contract; misrepresentation and unsuitable and excessive trading. The customer further alleged damages of $4,000,000.00. On February 10, 2014 the arbitration was settled in the amount of $50,000.00 with Mr. Pizzimenti personally contributing $20,000.00 to the settlement amount.
- On August 8, 2012, a customer-initiated arbitration was commenced naming Mr. Pizzimenti as a respondent regarding alleged actions that occurred while he was associated with J.P. Turner & Company LLC. The customer alleged negligence, churning, unsuitability, fraud, breach of contract and breach of fiduciary duty. The customer further alleged damages of $1,000,000.00. On September 9, 2013 the arbitration was settled in the amount of $240,000.00 with Mr. Pizzimenti personally contributing $120,000.00 to the settlement amount.
If you or someone you know has or had a brokerage account with Salvatore Pizzimenti 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.
