Investors Sue Worden Capital For Breach Of Fiduciary Duty
John Sebastian Cangialosi of New York New York a stockbroker currently registered with Worden Capital Management LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $37,399.00 in damages founded on accusations that (1) the customer’s account was administered negligently (2) false or misleading statements and omissions had been made concerning investments (3) fiduciary duties owed to the customer were breached (4) and stock and over-the-counter equities trades were unsuitable. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01580 (July 1, 2019).
FINRA Public Disclosure reveals that Cangialosi has been identified in six more customer initiated investment related disputes containing allegations of his violative conduct while employed by J.P. Turner Company LLC, Legend Securities and Brookstone Securities Inc. Particularly, on August 11, 2015, a customer filed an investment related complaint involving Cangialosi’s conduct where the customer sought $38,000.00 in damages based upon accusations of Cangialosi making unfounded statements concerning the value of the customer’s account; and Cangialosi failing to timely remit funds according to the customer’s instructions.
Subsequently, a customer initiated investment related arbitration claim concerning Cangialosi’s conduct was resolved for $50,000.00 in damages supported by allegations that fiduciary and contractual duties were breached; the customer’s account was handled with poor care; and over-the-counter equities trades were fraudulently executed while Cangialosi was associated with Legend Securities Inc. FINRA Arbitration No. 15-00292 (Jan. 14, 2016). Another customer initiated investment related arbitration claim regarding Cangialosi’s activities was settled for $9,999.00 in damages founded on accusations of misrepresentation, unsuitability, breach of contract, negligence and fraud in reference to common and preferred stock and over-the-counter equities held in the customer’s account while Cangialosi was employed by Brookstone Securities Inc. FINRA Arbitration No. 15-03051 (May 26, 2016).
Moreover, a customer initiated investment related arbitration claim involving Cangialosi’s conduct was resolved for $30,000.00 in damages based upon allegations that Cangialosi: breached his contractual and fiduciary duties to the customer; negligently transacted in the customer’s account; executed trades without proper authorization; made unsuitable trades; and churned the customer’s equity portfolio causing the customer to suffer unwarranted losses. FINRA Arbitration No. 17-03396 (Nov. 24, 2018).
Cangialosi has been registered with Worden Capital Management LLC since November 4, 2016. Since December 12, 2001, he has been associated with seven different securities broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.