Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Troy Allen Orlando (CRD # 6055474) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into unsuitable recommendations.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Orlando.
Registration Background for Troy Allen Orlando
Mr. Orlando first became registered in the securities industry in 2018. He was most recently registered with New York, NY based Craft Capital Management, LLC (CRD # 171350) from March 2022 to November 2023. His prior registrations include Joseph Gunnar & Co. LLC (CRD # 24795) from September 2021 to March 2022, and Joseph Stone Capital L.L.C. (CRD # 159744) from December 2020 to October 2021.
FINRA’s Allegations Against Troy Allen Orlando
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 22, 2023 (No. 2019060753505), Mr. Orlando consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 2018 through November 2020, while registered with FINRA through Spartan and Worden, [Mr. Orlando] recommended a series of trades in five customers’ accounts that were excessive, unsuitable, and not in the customers’ best interest”;
- “[Mr.] Orlando recommended high frequency trading in the five customer accounts”;
- “[Mr.] Orlando’s customers relied on his advice and routinely followed his recommendations and, as a result, [Mr.] Orlando exercised de facto control over the five customers’ accounts”;
- “[Mr.] Orlando’s trading resulted in high turnover rates and cost-to-equity ratios that were well above the traditional guideposts of six and 20 percent, respectively, as well as significant losses”;
- “This level of trading was excessive, unsuitable, and not in the best interest of these five customers given their inves1ment profiles”; and
- By virtue of his actions, Mr. Orlando violated Exchange Act Rule 15I-1 of the Securities Exchange Act of 1934 (Regulation BI) regarding acting in the best interest of the customer, FINRA Rule 2111 regarding suitability, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Troy Allen Orlando from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s November 22, 2023 AWC also indicates that Mr. Orlando consented to the following sanction(s):
- a 20-month suspension from association with any FINRA member in all capacities; and
- restitution in the amount of $58,082.50, plus interest.
Troy Allen Orlando Has a History of Securities Industry Customer Complaints
In addition to Mr. Orlando being suspended by FINRA from the securities industry regarding unsuitable recommendations, FINRA BrokerCheck for Mr. Orlando reveals that he has history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to the following:
- On January 28, 2020, a customer-initiated arbitration was commenced against Mr. Orlando regarding alleged actions that occurred while he was associated with Spartan Capital Securities, LLC (CRD # 146251). The customer’s allegations included misrepresentation and unsuitable recommendations. The customer further alleged damages in the amount of $51,650.00. On February 22, 2022, the arbitration was settled in the amount of $1,000.00.
- On July 5, 2019, a customer-initiated arbitration was commenced against Mr. Orlando regarding alleged actions that occurred while he was associated with Spartan Capital Securities, LLC. The customer’s allegations included unauthorized trades and use of margin. The customer further alleged damages in the amount of $40,002.10. On November 18, 2019, the arbitration was settled in the amount of $17,587.00.
Have You Lost Money with Troy Allen Orlando?
If you or someone you know has or had a brokerage account with Mr. Troy Allen Orlando 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.
