SW Financial Sued By Investors For Churning
Douglas Anthony Leone of Melville New York a stockbroker associated with SW Financial has been referenced in a customer initiated investment related arbitration claim in which the customer requested $250,000.00 in damages supported by allegations that (1) transactions effected in the customer’s account were not suitable (2) contractual and fiduciary obligations were violated (3) misleading and false statements were made by the stockbroker about investment risks (4) trades were excessively made on margin and (5) Leone’s negligence resulted in the customer’s losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01103 (Apr. 23, 2019).
Leone has been referenced in eight more customer initiated investment related disputes concerning accusations of his misconduct while associated with securities broker dealers including Foster Jeffries Securities LLC, Newport Coast Securities and SW Financial.
FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim in reference to Leone’s conduct was resolved for $125,000.00 in damages based upon accusations of fraud. According to the claim, the customer was placed into stocks that failed to be suitable for the customer. Misrepresentations were allegedly made in regard to securities transactions. The claim also alleged breach of contract and breach of fiduciary duty with respect to Leone’s activities while registered with Foster Jeffries Securities.
Another customer initiated investment related arbitration claim concerning Leone’s activities was resolved for $70,000.00 in damages founded on accusations of Leone’s negligence and failure to abide by fiduciary and contractual obligations to the customer in reference to equities trades that he effected at Newport Coast Securities.
Leone is also referenced in a customer initiated investment related arbitration claim in which the customer requested $22,623.00 in damages based upon allegations of unwarranted losses caused by Leone when the stockbroker was associated with Salomon Whitney Financial. FINRA Arbitration No. 18-01055 (Apr. 3, 2018). According to the claim, trades were neither authorized nor suitable. The customer’s account was allegedly churned by the stockbroker. The claim also alleged breach of contract and negligence.
Leone’s registration with SW Financial has been terminated as of March 22, 2017.