Sanctioned For Failure To Supervise

Anthony Pace of New York New York a stockbroker formerly registered with Windsor Street Capital LP has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he neglected to supervise a stockbroker who executed trades in the accounts of Windsor Street customers. Letter of Acceptance Waiver and Consent No. 2017052475702 (Dec. 3, 2019).

According to the AWC, Pace was responsible for supervising a stockbroker, JA, who serviced the accounts of Windsor Street customers. Because of JA being placed on heightened supervision, additional supervisory controls were put in place for Pace to handle. The heightened supervision plan imposed for JA called for all of his sale and purchase orders to be reviewed by Pace before customers’ transactions were effected. In addition, Pace was tasked with contacting customers to confirm that the transactions JA planned to execute were legitimate.

The AWC stated that there were also written supervisory procedures which Windsor Street maintained concerning churning and excessive trading. These procedures mandated a review of cost-to-equity ratios and turnover rates. Also, Windsor Street was provided with an Active Account Report each month to aid in the review process. These reviews were supposed to be documented. But Windsor Street’s supervisory procedures were disregarded by Pace – he failed to conduct a review of the trades JA submitted, and Pace did not abide by the procedures for churning and excessive trading.

FINRA stated that trades JA placed in the accounts of customers FP and LW lacked proper supervision on Pace’s part. The trades he submitted were not pre-approved. Pace failed to contact customers to confirm the details of the transactions. In addition, the Active Account Report, which detailed activity levels, number of trades and commissions which pertained to the trades, flagged FP’s and LW’s accounts. The AWC stated that the information contained in the Active Account Report showed that JA engaged in excessive trading. In fact, the annual cost-to-equity ratios for the customers’ accounts exceeded one hundred percent, and turnover rates exceeded thirty.

FINRA noted that there were additional red flags pertaining to JA’s trading which Pace failed to address. Specifically, LW’s account documentation showed that the customer’s objective was growth and income, but Pace depended on JA’s assertion of LW’s objective being speculation. Also, Pace was in receipt of one or more e-mails from FP which showed that FP disputed JA’s frequent and aggressive trades. Pace never contacted FP after being copied on those e-mails.

FINRA found that Pace’s conduct was violative of FINRA Rules 2010 and 3110.

FINRA Public Disclosure confirms that Pace is referenced in six customer initiated investment related disputes that concern allegations of his conduct while employed by Global Arena Capital Corp, VFinance Inc., FAS Wealth Management Services Inc., J.P. Turner Company LLC and Biltmore Securities Inc. Specifically, a customer initiated investment related arbitration claim involving Pace’s activities was resolved for $71,008.00 in damages based upon accusations of breach of contract, breach of fiduciary duty, failure to execute and negligence as it pertained to Pace’s recommendations or stock trading during the time that he was associated with FAS Wealth Management Services Inc.

Pace is referenced in another customer initiated investment related arbitration claim which was settled for $60,000.00 in damages supported by allegations that contractual and fiduciary obligations had not been complied with; over-the-counter equity trades failed to be suitable; the customer’s account had been excessively traded and churned; and the customer was defrauded by Pace through his activities at Global Arena Capital Corp and VFinance Inc.

Pace’s registration with Windsor Street Capital has been terminated as of May 29, 2018. On May 21, 2018, he became associated with Joseph Stone Capital LLC. Pace has been employed by at least four different securities broker dealers including Windsor Street Capital who have been expelled by securities regulators for violation of securities laws or who are otherwise defunct.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

Questions or comments regarding the source or accuracy of any information, including any subsequent developments, should be directed to:  [email protected]

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer.

Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at

Stockbroker Fraud. Securities Arbitration and Investment Fraud Lawyers.  
National Practice. Contingent Fee. Confidential Free Consultation.

 (877) SEC-ATTY

1700 Market Street, Suite 1005
Philadelphia, PA 19103
Direct: (215) 413-8223
Toll Free: (877) 732-2889

1260 South Soto Street, Suite 7
Los Angeles, California 90023
Direct: (213) 255-3475
Toll Free: (877) 732-2889

2750 NE 185th Street, Suite 302
Aventura, Florida 33180-2877
Direct: (786) 490-2413
Toll Free: (877) 732-2889

See Important Disclaimer

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)